IREN (NASDAQ:IREN) Hits New 1-Year High - Should You Buy?

Key Points

• IREN Limited's stock reached a new 52-week high at $72.30, closing at $69.56, with significant trading volume of over 51 million shares.
• Analysts generally have a positive outlook on IREN, with 11 ratings as "Buy" and an average price target of $51.64, significantly higher than recent trading levels.
• Insider activity included CEO Daniel John Roberts selling 1 million shares for approximately $33.13 each, reducing his ownership but still retaining a substantial number of shares valued at around $463 million.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as $72.30 and last traded at $69.56, with a volume of 51732345 shares changing hands. The stock had previously closed at $64.14.

Analyst Ratings Changes

IREN has been the topic of a number of research analyst reports. Weiss Ratings reissued a "hold (c-)" rating on shares of IREN in a report on Wednesday, October 8th. HC Wainwright upped their target price on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. B. Riley raised their price target on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a report on Friday, August 29th. Cantor Fitzgerald upped their price objective on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Finally, Roth Capital reiterated a "buy" rating and issued a $35.00 price objective on shares of IREN in a research report on Friday, August 29th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, IREN has a consensus rating of "Moderate Buy" and an average price target of $51.64.

IREN Trading Up 8.5%

The business has a 50 day moving average of $34.77 and a 200 day moving average of $18.92. The firm has a market capitalization of $18.92 billion, a price-to-earnings ratio of 117.90 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29.

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

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.02% of the company's stock.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently made changes to their positions in the company. Situational Awareness LP grew its holdings in shares of IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after buying an additional 3,034,254 shares during the period. Hood River Capital Management LLC acquired a new position in IREN in the second quarter valued at about $74,228,000. Invesco Ltd. increased its holdings in shares of IREN by 45.9% in the second 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 increased its holdings in shares of IREN by 0.6% in the first 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, Merewether Investment Management LP acquired a new stake in shares of IREN during the second quarter worth about $21,025,000. 41.08% of the stock is owned by institutional investors.

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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