Compass Point Begins Coverage on IREN (NASDAQ:IREN)

Key Points

• Compass Point has initiated coverage on IREN (NASDAQ:IREN) with a "buy" rating, highlighting positive market sentiment around the stock.
• IREN's stock is up 186% year-to-date, largely attributed to its focus on AI, and it has received multiple upgrades from analysts, with a consensus rating of "Moderate Buy" and a target price of $30.33.
• Recent insider transactions include CEO Daniel John Roberts selling 1,000,000 shares for approximately $33.13 each, reducing his ownership stake by 6.67%.

Equities research analysts at Compass Point assumed coverage on shares of IREN (NASDAQ:IREN - Get Free Report) in a note issued to investors on Monday. The firm set a "buy" rating on the stock.

IREN has been the topic of a number of other reports. Macquarie increased their target price on shares of IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $16.00 target price (up from $12.00) on shares of IREN in a report on Monday, July 28th. Jones Trading lowered shares of IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Finally, Canaccord Genuity Group increased their target price on shares of IREN from $23.00 to $37.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, IREN has a consensus rating of "Moderate Buy" and a consensus price target of $30.33.

IREN Stock Performance

Shares of IREN stock opened at $33.96 on Monday. The firm's 50 day moving average price is $20.70 and its 200-day moving average price is $12.56. 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 has a one year low of $5.13 and a one year high of $34.08. The firm has a market cap of $9.24 billion, a P/E ratio of 57.56 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $187.51 million. As a group, equities research analysts predict that IREN will post 0.43 EPS for the current year.

Insider Buying and Selling

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 21.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Situational Awareness LP raised its stake in IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after acquiring an additional 3,034,254 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in IREN during the 2nd quarter worth $74,228,000. Invesco Ltd. raised its stake in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock worth $43,341,000 after acquiring an additional 936,333 shares in the last quarter. Vident Advisory LLC raised its stake in IREN by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after acquiring an additional 18,794 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in IREN by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock worth $15,738,000 after acquiring an additional 1,056,005 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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