Investors Buy Large Volume of Call Options on IREN (NASDAQ:IREN)

Key Points

• IREN Limited experienced a significant surge in trading activity, with investors purchasing approximately 230,524 call options, marking a 30% increase over its average daily volume.
• Multiple analysts have upgraded their price targets for IREN, with estimates ranging from $29.00 to $78.00, reflecting strong confidence in the company's future performance.
• Insider trading activity was notable, as CEO Daniel John Roberts sold 1,000,000 shares for over $33 million, reducing his stake in the company by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report) saw unusually large options trading activity on Tuesday. Stock investors purchased 230,524 call options on the company. This represents an increase of approximately 30% compared to the average daily volume of 177,255 call options.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Macquarie upped their price objective on shares of IREN from $33.00 to $55.00 and gave the stock an "outperform" rating in a research report on Monday, September 29th. Canaccord Genuity Group lifted their price target on IREN from $37.00 to $42.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. B. Riley increased their price objective on IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Arete assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price on the stock. Finally, BTIG Research increased their price target on shares of IREN from $22.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, September 9th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.73.

Insider Transactions at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN 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 completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 21.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IREN

Hedge funds have recently modified their holdings of the company. Crewe Advisors LLC purchased a new position in shares of IREN during the 1st quarter worth $39,000. Quarry LP purchased a new stake in IREN in the first quarter valued at approximately $40,000. Delta Financial Group Inc. acquired a new position in IREN during the first quarter worth approximately $61,000. R Squared Ltd raised its stake in IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after purchasing an additional 6,480 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Price Performance

Shares of IREN traded up $3.93 during mid-day trading on Tuesday, reaching $61.68. 75,417,503 shares of the company's stock were exchanged, compared to its average volume of 22,194,455. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN has a 52-week low of $5.13 and a 52-week high of $63.40. The company has a market cap of $16.78 billion, a price-to-earnings ratio of 104.54 and a beta of 4.19. The company has a 50-day simple moving average of $29.11 and a two-hundred day simple moving average of $16.64.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. On average, sell-side analysts predict that IREN will post 0.43 EPS for the current fiscal year.

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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