IREN (NASDAQ:IREN) Reaches New 12-Month High - Time to Buy?

Key Points

• IREN Limited shares reached a new 52-week high at $42.93, last trading at $41.80 with significant volume of 22,065,400 shares.
• Analysts show a consensus rating of "Moderate Buy" for IREN, with nine analysts issuing buy ratings and a target price of $30.89.
• Company CEO Daniel John Roberts sold 1,000,000 shares at $33.13 in September, reducing his stake by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price hit a new 52-week high on Monday . The company traded as high as $42.93 and last traded at $41.80, with a volume of 22065400 shares traded. The stock had previously closed at $38.64.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on IREN shares. Cantor Fitzgerald upped their price objective on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Macquarie increased their price objective on shares of IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. HC Wainwright raised their price objective on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Canaccord Genuity Group lifted their price objective on shares of IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $16.00 price objective (up previously from $12.00) on shares of IREN in a report on Monday, July 28th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.89.

IREN Trading Up 8.4%

The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 71.02 and a beta of 4.03. The company's 50-day moving average is $23.24 and its 200-day moving average is $13.83.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The company had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. Research analysts anticipate that IREN Limited 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 dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 21.55% of the stock is owned by corporate insiders.

Institutional Trading of IREN

Hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its holdings in IREN by 68.4% in the second 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 period. Crewe Advisors LLC purchased a new position in IREN during the 1st quarter valued at about $39,000. Quarry LP acquired a new stake in shares of IREN during the 1st quarter valued at about $40,000. Delta Financial Group Inc. acquired a new stake in IREN in the 1st quarter worth approximately $61,000. Finally, SLT Holdings LLC acquired a new stake in IREN in the 2nd quarter worth approximately $146,000. Institutional investors and hedge funds own 41.08% of the company's stock.

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.