IREN (NASDAQ:IREN) Trading Up 6.8% After Analyst Upgrade

Key Points

• IREN Limited's shares surged by 6.8% following an upgrade from BTIG Research, which raised its price target from $22.00 to $32.00 and maintained a buy rating.
• Several other analysts have also increased their price targets, with HC Wainwright setting a target of $36.00 and Roth Capital at $35.00, reflecting a consensus of strong buying interest.
• The company's quarterly earnings report showed $0.19 EPS, exceeding estimates, and reported revenue of $187.30 million, close to consensus expectations.

IREN Limited (NASDAQ:IREN - Get Free Report) shares shot up 6.8% on Wednesday after BTIG Research raised their price target on the stock from $22.00 to $32.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $32.75 and last traded at $32.26. 18,164,832 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 19,953,102 shares. The stock had previously closed at $30.19.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald lifted their price target on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Jones Trading downgraded IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Macquarie lifted their price target on IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Canaccord Genuity Group lifted their price target on IREN from $23.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $35.00 price target on shares of IREN in a research report on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, IREN has a consensus rating of "Moderate Buy" and an average target price of $30.33.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the business'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 sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 21.55% of the company's stock.

Institutional Trading of IREN

A number of large investors have recently bought and sold shares of IREN. Hood River Capital Management LLC bought a new stake in IREN in the second quarter valued at $74,228,000. Situational Awareness LP bought a new stake in IREN in the first quarter valued at $20,500,000. Merewether Investment Management LP bought a new stake in IREN in the second quarter valued at $21,025,000. Two Sigma Investments LP grew its position in IREN by 193.2% in the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after acquiring an additional 1,056,005 shares during the period. Finally, Alkeon Capital Management LLC bought a new stake in IREN in the second quarter valued at $14,570,000. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Down 2.3%

The business has a 50-day simple moving average of $20.35 and a two-hundred day simple moving average of $12.33. The stock has a market capitalization of $8.93 billion, a P/E ratio of 55.68 and a beta of 4.03. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $187.30 million for 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 research analysts forecast that IREN Limited will post 0.43 earnings per share 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.