Canaccord Genuity Group Issues Positive Forecast for IREN (NASDAQ:IREN) Stock Price

IREN (NASDAQ:IREN) had its price target boosted by investment analysts at Canaccord Genuity Group from $42.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 12.93% from the stock’s previous close.

IREN has been the subject of several other reports. Arete Research initiated coverage on IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price for the company. Compass Point reissued a “buy” rating and issued a $105.00 price target on shares of IREN in a report on Friday. HC Wainwright increased their price target on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research report on Tuesday, November 4th. B. Riley reaffirmed a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of IREN in a research note on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, IREN currently has a consensus rating of “Hold” and a consensus target price of $67.58.

IREN Trading Down 0.6%

IREN traded down $0.39 during trading on Monday, reaching $61.99. 21,691,186 shares of the company’s stock were exchanged, compared to its average volume of 24,598,826. The firm has a fifty day moving average price of $49.90 and a two-hundred day moving average price of $26.27. The stock has a market capitalization of $16.86 billion, a PE ratio of 31.95 and a beta of 4.21. IREN has a one year low of $5.13 and a one year high of $76.87. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

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

Insider Activity

In related 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 transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On IREN

A number of institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in IREN during the 3rd quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of IREN during the first quarter valued at approximately $40,000. Sherman Asset Management Inc. bought a new position in shares of IREN in the third quarter worth approximately $59,000. Delta Financial Group Inc. bought a new position in shares of IREN in the first quarter worth approximately $61,000. Finally, R Squared Ltd increased its stake in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock worth $63,000 after buying an additional 6,480 shares during the period. Institutional investors own 41.08% of the company’s stock.

IREN Company Profile

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.