IREN Limited (NASDAQ:IREN - Get Free Report) shares saw an uptick in trading volume on Friday . 23,230,138 shares traded hands during trading, an increase of 9% from the previous session's volume of 21,253,488 shares.The stock last traded at $41.07 and had previously closed at $46.29.
Analyst Upgrades and Downgrades
Several research firms have commented on IREN. Jones Trading downgraded shares of IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $24.00 price target (up from $16.00) on shares of IREN in a research report on Friday. Cantor Fitzgerald raised their price target on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Finally, Arete assumed coverage on IREN in a research report on Wednesday. They issued a "buy" rating and a $78.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $43.08.
Read Our Latest Stock Analysis on IREN
IREN Trading Down 9.4%
The company has a market cap of $11.41 billion, a price-to-earnings ratio of 71.00 and a beta of 4.03. The company's fifty day moving average price is $24.90 and its two-hundred day moving average price is $14.53. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.
IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Research analysts expect that IREN Limited will post 0.43 earnings per share for the current year.
Insider Buying and Selling
In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction 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 sale, the chief executive officer owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.55% of the company's stock.
Hedge Funds Weigh In On IREN
A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Bank of America Corp DE boosted its position in shares of IREN by 46.5% during the fourth quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after purchasing an additional 59,250 shares in the last quarter. Farther Finance Advisors LLC lifted its position in IREN by 57.3% during the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after buying an additional 5,700 shares in the last quarter. SG Americas Securities LLC bought a new stake in IREN during the 1st quarter worth about $592,000. Exchange Traded Concepts LLC increased its stake in shares of IREN by 46.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company's stock worth $6,212,000 after purchasing an additional 325,327 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in shares of IREN during the 1st quarter worth about $39,000. 41.08% of the stock is owned by institutional investors.
IREN Company Profile
(
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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