IREN (NASDAQ:IREN) Shares Up 4% After Analyst Upgrade

Key Points

• IREN shares rose 4% following an upgrade by Canaccord Genuity, which increased the price target from $37.00 to $42.00 while maintaining a buy rating.
• When IREN announced its most recent earnings, it reported an EPS of $0.19, surpassing expectations of $0.17, although revenue fell short of estimates.
• Notably, CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, reducing his ownership by 6.67% while still holding nearly 14 million shares.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 4% during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $37.00 to $42.00. Canaccord Genuity Group currently has a buy rating on the stock. IREN traded as high as $38.47 and last traded at $37.90. Approximately 33,022,984 shares traded hands during mid-day trading, an increase of 61% from the average daily volume of 20,493,447 shares. The stock had previously closed at $36.45.

IREN has been the subject of several other reports. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Macquarie upped 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. BTIG Research upped 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. JPMorgan Chase & Co. reissued a "neutral" rating and set a $16.00 price objective (up previously from $12.00) on shares of IREN in a report on Monday, July 28th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $35.00 target price on shares of IREN in a report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.89.

Insider Activity at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 21.55% of the company's stock.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Bank of America Corp DE lifted its position in shares of IREN by 46.5% during 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. Two Sigma Investments LP lifted its position in shares of IREN by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock worth $15,738,000 after buying an additional 1,056,005 shares during the period. Continuum Advisory LLC lifted its position in shares of IREN by 11.3% during the 4th quarter. Continuum Advisory LLC now owns 56,678 shares of the company's stock worth $557,000 after buying an additional 5,772 shares during the period. JT Stratford LLC lifted its position in shares of IREN by 104.1% during the 4th quarter. JT Stratford LLC now owns 36,063 shares of the company's stock worth $354,000 after buying an additional 18,398 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of 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 during the period. Institutional investors own 41.08% of the company's stock.

IREN Price Performance

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 firm has a market cap of $10.51 billion, a P/E ratio of 65.49 and a beta of 4.03. The company has a 50-day moving average of $22.74 and a 200 day moving average of $13.51.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data 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. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. On average, sell-side analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

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.