IREN (NASDAQ:IREN) Sets New 12-Month High - Here's Why

Key Points

• IREN Limited shares reached a new 12-month high of $37.23, a significant rise from its previous close of $33.96, resulting in a trading volume of over 37.85 million shares.
• A variety of brokerages have upgraded their target prices for IREN, with Canaccord Genuity setting a new target of $37.00 and nine analysts rating the stock as a Buy.
• CEO Daniel John Roberts sold 1 million shares of IREN for approximately $33.13 million, reducing his ownership stake by 6.67%, amid ongoing interest from institutional investors.

IREN Limited (NASDAQ:IREN - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $37.23 and last traded at $37.14, with a volume of 37855013 shares trading hands. The stock had previously closed at $33.96.

Analyst Ratings Changes

A number of brokerages recently weighed in on IREN. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $16.00 target price (up from $12.00) on shares of IREN in a research note on Monday, July 28th. HC Wainwright raised their target price on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 29th. B. Riley raised their target price on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Canaccord Genuity Group raised their target price on shares of IREN from $23.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, IREN presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

IREN Trading Up 9.4%

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 firm has a market cap of $10.10 billion, a P/E ratio of 62.95 and a beta of 4.03. The firm's fifty day moving average is $21.10 and its two-hundred day moving average is $12.76.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating the consensus estimate 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 return on equity of 1.34% and a net margin of 33.03%. Analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was 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 of the company's stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 21.55% of the company's stock.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Centaurus Financial Inc. lifted its position in IREN by 5.3% during the second quarter. Centaurus Financial Inc. now owns 31,150 shares of the company's stock valued at $454,000 after buying an additional 1,570 shares during the period. Advisory Services Network LLC lifted its position in IREN by 80.8% during the second quarter. Advisory Services Network LLC now owns 100,254 shares of the company's stock valued at $1,615,000 after buying an additional 44,798 shares during the period. Headlands Technologies LLC lifted its position in IREN by 172.2% during the second quarter. Headlands Technologies LLC now owns 294,542 shares of the company's stock valued at $4,291,000 after buying an additional 186,344 shares during the period. Tower Research Capital LLC TRC raised its position in shares of IREN by 54.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company's stock worth $152,000 after purchasing an additional 3,684 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of IREN in the 2nd quarter worth about $175,000. Hedge funds and other institutional investors 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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