IREN (NASDAQ:IREN) Trading 3.6% Higher – Should You Buy?

IREN Limited (NASDAQ:IREN)’s stock price was up 3.6% on Monday . The stock traded as high as $46.56 and last traded at $46.34. Approximately 30,771,101 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 25,979,322 shares. The stock had previously closed at $44.71.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jones Trading lowered shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Arete Research assumed coverage on IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price on the stock. B. Riley reaffirmed a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Citizens Jmp started coverage on IREN in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 price objective on the stock. Finally, Roth Capital set a $94.00 price objective on IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. Twelve equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.85.

IREN Trading Down 6.2%

The firm has a market capitalization of $12.45 billion, a PE ratio of 22.64 and a beta of 4.23. The business has a fifty day moving average price of $55.11 and a two-hundred day moving average price of $32.64. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.02% of the stock is currently owned by corporate insiders.

Institutional Trading of IREN

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hood River Capital Management LLC purchased a new position in shares of IREN during the second quarter worth $74,228,000. Situational Awareness LP purchased a new stake in shares of IREN in the 1st quarter valued at $20,500,000. Voloridge Investment Management LLC lifted its stake in IREN by 1,444.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after acquiring an additional 1,545,579 shares in the last quarter. Marshall Wace LLP boosted its holdings in IREN by 247.7% during the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after acquiring an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP acquired a new position in IREN in the 2nd quarter valued at about $21,025,000. 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.