IREN (NASDAQ:IREN) Sees Strong Trading Volume - What's Next?

Key Points

• IREN Limited experienced unusually high trading volume on Tuesday, with approximately 23 million shares traded, marking a 5% increase from the previous session.
• Equities analysts have varying ratings for IREN, with 11 analysts rating it a Buy, 3 a Hold, and 1 a Sell, alongside an average price target of $47.73.
• In a notable insider transaction, CEO Daniel John Roberts sold 1,000,000 shares for $33.13 each, leading to a 6.67% decrease in his ownership stake.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 23,058,433 shares were traded during trading, an increase of 5% from the previous session's volume of 21,909,932 shares.The stock last traded at $59.13 and had previously closed at $57.75.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $75.00 target price on shares of IREN in a report on Thursday, September 25th. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Canaccord Genuity Group upped their target price on shares of IREN from $37.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Compass Point assumed coverage on shares of IREN in a report on Monday, September 15th. They issued a "buy" rating on the stock. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of IREN in a report on Saturday, September 27th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.73.

IREN Stock Performance

The stock has a market capitalization of $15.36 billion, a P/E ratio of 96.30 and a beta of 4.19. 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's fifty day simple moving average is $29.11 and its two-hundred day simple moving average is $16.64.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly 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 analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. As a group, equities analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. grew 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 in the last quarter. Crewe Advisors LLC acquired a new position in shares of IREN during the 1st quarter worth approximately $39,000. Quarry LP acquired a new position in shares of IREN during the 1st quarter worth approximately $40,000. Delta Financial Group Inc. acquired a new position in shares of IREN during the 1st quarter worth approximately $61,000. Finally, SLT Holdings LLC acquired a new position in shares of IREN during the 2nd quarter worth approximately $146,000. Institutional investors and hedge funds own 41.08% of the company's stock.

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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