Equities researchers at Arete Research assumed coverage on shares of IREN (NASDAQ:IREN - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The firm set a "buy" rating and a $78.00 price target on the stock. Arete Research's price objective would suggest a potential upside of 86.74% from the stock's current price.
A number of other brokerages have also issued reports on IREN. B. Riley increased their target price on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Cantor Fitzgerald raised their price objective on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, August 29th. BTIG Research raised their price objective on IREN from $22.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, September 9th. Roth Capital restated a "buy" rating and issued a $35.00 price objective on shares of IREN in a report on Friday, August 29th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $16.00 price objective (up previously from $12.00) on shares of IREN in a report on Monday, July 28th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, IREN has a consensus rating of "Moderate Buy" and a consensus price target of $39.45.
Read Our Latest Research Report on IREN
IREN Trading Down 0.3%
Shares of NASDAQ:IREN opened at $41.77 on Wednesday. IREN has a 1 year low of $5.13 and a 1 year high of $44.25. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 70.80 and a beta of 4.03. 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's 50 day moving average price is $23.73 and its 200-day moving average price is $14.02.
IREN (NASDAQ:IREN - Get Free Report) last announced its 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. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. On average, equities research analysts forecast that IREN will post 0.43 earnings per share for the current fiscal year.
Insider Activity
In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's 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 completion of the sale, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.55% of the stock is owned by company insiders.
Institutional Trading of IREN
A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Crewe Advisors LLC acquired a new stake in shares of IREN in the 1st quarter worth $39,000. Quarry LP acquired a new stake in shares of IREN during the 1st quarter worth about $40,000. Delta Financial Group Inc. acquired a new stake in shares of IREN during the 1st quarter worth about $61,000. R Squared Ltd increased its position in shares of IREN by 170.1% during the 1st 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 last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock worth $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.
About IREN
(
Get Free Report)
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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