IREN (NASDAQ:IREN) Receives "Hold (C-)" Rating from Weiss Ratings

Key Points

• IREN's stock has received a "hold (C-)" rating from Weiss Ratings, while other analysts, including HC Wainwright and BTIG Research, have given it "buy" ratings and set higher target prices.
• The current consensus rating for IREN is a "Moderate Buy" with an average target price of $54.45, while institutional investors own 41.08% of the stock.
• As of the latest earnings report, IREN posted a $0.19 EPS, which exceeded analysts' expectations, along with revenues slightly below projections.

IREN (NASDAQ:IREN - Get Free Report)'s stock had its "hold (c-)" rating reiterated by analysts at Weiss Ratings in a report released on Saturday,Weiss Ratings reports.

A number of other analysts also recently issued reports on the stock. HC Wainwright lifted their price objective on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. BTIG Research lifted their price objective on shares of IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, October 14th. Arete Research assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 target price on the stock. JPMorgan Chase & Co. reiterated 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. Finally, Arete assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $54.45.

IREN Stock Performance

Shares of IREN stock traded up $7.04 during mid-day trading on Friday, hitting $62.90. 37,245,428 shares of the stock were exchanged, compared to its average volume of 46,317,592. IREN has a 12 month low of $5.13 and a 12 month high of $74.15. The company has a 50-day simple moving average of $41.33 and a 200 day simple moving average of $21.78. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. The company has a market capitalization of $17.11 billion, a P/E ratio of 106.61 and a beta of 4.19.

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

Insider Buying and Selling at IREN

In other 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 directly owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hood River Capital Management LLC bought a new stake in shares of IREN during the 2nd quarter valued at $74,228,000. Situational Awareness LP bought a new stake in shares of IREN during the 1st quarter valued at $20,500,000. Merewether Investment Management LP bought a new stake in shares of IREN during the 2nd quarter valued at $21,025,000. Alkeon Capital Management LLC purchased a new position in IREN during the second quarter valued at $14,570,000. Finally, Invesco Ltd. grew its stake in IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after acquiring an additional 936,333 shares in the last quarter. 41.08% of the stock is currently 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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