IREN (NASDAQ:IREN) Shares Up 2.2% on Analyst Upgrade

Key Points

• IREN Limited's shares increased by 2.2% following an upgrade from Macquarie, which raised its price target from $33.00 to $55.00 and currently maintains an outperform rating.
• The company reported $0.19 earnings per share for the last quarter, beating the consensus estimate, and has a strong institutional investment presence with 41.08% of shares owned by institutional investors.
• CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, resulting in a 6.67% decrease in his position, while still holding a significant number of shares valued at approximately $463.5 million.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price shot up 2.2% on Tuesday after Macquarie raised their price target on the stock from $33.00 to $55.00. Macquarie currently has an outperform rating on the stock. IREN traded as high as $47.63 and last traded at $46.93. 30,580,712 shares were traded during trading, an increase of 41% from the average session volume of 21,638,094 shares. The stock had previously closed at $45.93.

IREN has been the subject of several other reports. Arete Research assumed coverage on shares of IREN in a report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price objective for the company. Sanford C. Bernstein reiterated an "outperform" rating and set a $75.00 target price on shares of IREN in a report on Thursday, September 25th. Compass Point initiated coverage on shares of IREN in a research report on Monday, September 15th. They set a "buy" rating for the company. B. Riley raised their price target on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Arete started coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 target price for the company. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $44.92.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction on 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 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 represents a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 21.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IREN. Bank of America Corp DE boosted its holdings in 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 buying an additional 59,250 shares during the period. Farther Finance Advisors LLC boosted its holdings in 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 buying an additional 5,700 shares during the period. SG Americas Securities LLC bought a new position in IREN in the 1st quarter worth $592,000. Exchange Traded Concepts LLC boosted its holdings in 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 buying an additional 325,327 shares during the period. Finally, Crewe Advisors LLC purchased a new stake in IREN in the 1st quarter worth $39,000. Institutional investors own 41.08% of the company's stock.

IREN Stock Performance

The firm has a market cap of $12.76 billion, a PE ratio of 79.54 and a beta of 4.03. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm's 50 day simple moving average is $25.93 and its 200 day simple moving average is $15.15.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) 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%. On average, research analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

About IREN

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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