IREN (NASDAQ:IREN) Shares Gap Up – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $47.47, but opened at $49.38. IREN shares last traded at $47.4950, with a volume of 6,079,166 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IREN shares. Citigroup started coverage on IREN in a report on Wednesday, November 19th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. lifted their price objective on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday. Canaccord Genuity Group boosted their target price on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Compass Point reissued a “buy” rating and set a $105.00 target price on shares of IREN in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of IREN in a research note on Monday. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.43.

IREN Trading Down 0.1%

The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a market cap of $13.45 billion, a P/E ratio of 24.43 and a beta of 4.21. The firm’s 50-day simple moving average is $54.41 and its 200 day simple moving average is $29.89.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. As a group, analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the transaction, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IREN

Several large investors have recently added to or reduced their stakes in IREN. Situational Awareness LP lifted its holdings in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Hood River Capital Management LLC bought a new stake in shares of IREN in the second quarter valued at approximately $74,228,000. Value Aligned Research Advisors LLC raised its position in shares of IREN by 10.9% in the third quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock valued at $169,979,000 after purchasing an additional 355,826 shares during the period. Invesco Ltd. lifted its stake in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after buying an additional 936,333 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in IREN by 0.6% in the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company’s stock worth $18,006,000 after buying an additional 18,794 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.