IREN (NASDAQ:IREN) Stock Price Up 9.7% After Analyst Upgrade

Shares of IREN Limited (NASDAQ:IREN) rose 9.7% during trading on Monday after Macquarie raised their price target on the stock from $33.00 to $55.00. Macquarie currently has an outperform rating on the stock. IREN traded as high as $46.22 and last traded at $45.93. Approximately 36,771,653 shares traded hands during trading, an increase of 70% from the average daily volume of 21,588,240 shares. The stock had previously closed at $41.86.

Several other research firms have also issued reports on IREN. HC Wainwright upped their price target on IREN from $21.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, August 29th. BTIG Research increased their target price on shares of IREN from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Cantor Fitzgerald boosted their price objective on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Finally, Arete started coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.92.

Insider Transactions at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 21.55% of the stock is owned by insiders.

Institutional Trading of IREN

Several large investors have recently added to or reduced their stakes in the business. Centaurus Financial Inc. boosted its position in IREN by 5.3% during the 2nd quarter. Centaurus Financial Inc. now owns 31,150 shares of the company’s stock worth $454,000 after acquiring an additional 1,570 shares during the period. Advisory Services Network LLC grew its position in IREN by 80.8% in the 2nd quarter. Advisory Services Network LLC now owns 100,254 shares of the company’s stock valued at $1,615,000 after buying an additional 44,798 shares in the last quarter. Headlands Technologies LLC raised its position in shares of IREN by 172.2% during the 2nd quarter. Headlands Technologies LLC now owns 294,542 shares of the company’s stock worth $4,291,000 after buying an additional 186,344 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of IREN by 54.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company’s stock worth $152,000 after acquiring an additional 3,684 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of IREN in the second quarter valued at approximately $175,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Trading Up 9.7%

The business has a 50 day simple moving average of $25.37 and a 200-day simple moving average of $14.88. The stock has a market capitalization of $12.49 billion, a P/E ratio of 77.85 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The firm had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $187.51 million. On average, analysts predict that IREN Limited will post 0.43 EPS for the current year.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.