IREN Limited (NASDAQ:IREN) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• IREN Limited has received a consensus recommendation of "Moderate Buy" from 14 brokerages, with an average 1-year price target of $47.73.
• CEO Daniel John Roberts sold 1,000,000 shares of IREN stock for approximately $33.13 million, reducing his ownership stake by 6.67%.
• The company's quarterly earnings report showed earnings per share (EPS) of $0.19, beating analysts' expectations of $0.17.

IREN Limited (NASDAQ:IREN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $47.7273.

A number of analysts have recently commented on IREN shares. Arete Research started coverage on shares of IREN in a research note on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price for the company. HC Wainwright boosted their price objective on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. restated an "underweight" rating and issued a $24.00 target price (up previously from $16.00) on shares of IREN in a research report on Friday, September 26th. Compass Point assumed coverage on IREN in a research report on Monday, September 15th. They set a "buy" rating for the company. Finally, Macquarie increased their price objective on IREN from $33.00 to $55.00 and gave the company an "outperform" rating in a research note on Monday.

Insider Activity at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 21.55% of the stock is owned by company insiders.

Institutional Trading of IREN

Several large investors have recently bought and sold shares of IREN. Drive Wealth Management LLC grew its stake in shares of IREN by 3.0% in the 2nd quarter. Drive Wealth Management LLC now owns 40,924 shares of the company's stock valued at $596,000 after buying an additional 1,179 shares during the period. Wellington Management Group LLP lifted its holdings in IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock valued at $80,000 after acquiring an additional 1,387 shares during the last quarter. Centaurus Financial Inc. grew its position in IREN by 5.3% in the second quarter. Centaurus Financial Inc. now owns 31,150 shares of the company's stock worth $454,000 after acquiring an additional 1,570 shares during the period. Main Management ETF Advisors LLC increased its stake in IREN by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 105,528 shares of the company's stock worth $1,538,000 after acquiring an additional 1,716 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in IREN by 68.4% in the second 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 period. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Stock Down 0.1%

IREN stock opened at $47.02 on Friday. IREN has a 12 month low of $5.13 and a 12 month high of $49.39. The stock has a market capitalization of $12.79 billion, a PE ratio of 79.69 and a beta of 4.18. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The business has a 50 day simple moving average of $27.63 and a 200-day simple moving average of $15.86.

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

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.

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