IREN Limited (NASDAQ:IREN - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $47.14, but opened at $44.28. IREN shares last traded at $46.94, with a volume of 15,197,119 shares traded.
Wall Street Analysts Forecast Growth
IREN has been the subject of several research analyst reports. BTIG Research increased their target price on IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Cantor Fitzgerald increased their target price on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Arete initiated coverage on IREN in a research report on Wednesday. They set a "buy" rating and a $78.00 target price for the company. Roth Capital reiterated a "buy" rating and set a $35.00 target price on shares of IREN in a research report on Friday, August 29th. Finally, Macquarie increased their target price on IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.45.
Check Out Our Latest Stock Report on IREN
IREN Price Performance
The firm has a market cap of $13.12 billion, a PE ratio of 80.91 and a beta of 4.03. The firm has a fifty day simple moving average of $24.33 and a two-hundred day simple moving average of $14.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.
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 business had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. Equities analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.55% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On IREN
A number of institutional investors and hedge funds have recently modified their holdings of IREN. Bank of America Corp DE boosted its holdings in shares of IREN by 46.5% in the 4th 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 during the period. Farther Finance Advisors LLC boosted its holdings in shares of IREN by 57.3% in the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after purchasing an additional 5,700 shares during the period. SG Americas Securities LLC purchased a new position in shares of IREN in the 1st quarter worth approximately $592,000. Exchange Traded Concepts LLC boosted its holdings in shares of IREN by 46.8% in 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 period. Finally, Crewe Advisors LLC purchased a new position in shares of IREN in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 41.08% of the company's stock.
About IREN
(
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.
Read More
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider IREN, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IREN wasn't on the list.
While IREN currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
