Insider Selling: IREN (NASDAQ:IREN) CEO Sells 1,000,000 Shares of Stock

Key Points

• IREN Limited CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, totaling $33.13 million, which decreased his ownership in the company by 6.67%.
• IREN reported a quarterly EPS of $0.19, surpassing estimates, with revenues reaching $187.30 million for the quarter.
• Analysts have set a consensus target price of $30.33 for IREN, with several firms upgrading their ratings following price objective adjustments.

IREN Limited (NASDAQ:IREN - Get Free Report) CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction 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 sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

IREN Trading Down 2.3%

NASDAQ:IREN traded down $0.78 during midday trading on Thursday, reaching $32.85. 38,048,188 shares of the stock traded hands, compared to its average volume of 30,705,508. The company has a fifty day moving average of $20.35 and a 200 day moving average of $12.33. IREN Limited has a 12 month low of $5.13 and a 12 month high of $33.76. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. The stock has a market capitalization of $8.93 billion, a P/E ratio of 55.68 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. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. On average, research analysts predict that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

A number of institutional investors have recently bought and sold shares of IREN. Aurelius Capital Management LP purchased a new position in shares of IREN during the first quarter valued at $311,000. Maridea Wealth Management LLC increased its stake in shares of IREN by 57.1% in the first quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company's stock worth $1,950,000 after acquiring an additional 116,408 shares during the period. Fox Run Management L.L.C. acquired a new position in IREN in the first quarter valued at approximately $169,000. Trexquant Investment LP lifted its holdings in IREN by 158.6% in the first quarter. Trexquant Investment LP now owns 1,038,220 shares of the company's stock valued at $6,323,000 after acquiring an additional 636,767 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of IREN by 14.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company's stock worth $6,014,000 after buying an additional 122,668 shares during the period. 41.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. BTIG Research increased their price objective on shares of IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Tuesday. Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Canaccord Genuity Group increased their price objective on shares of IREN from $23.00 to $37.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $16.00 price objective (up previously from $12.00) on shares of IREN in a research note on Monday, July 28th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

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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