IREN (NASDAQ:IREN) Shares Up 7.3% - What's Next?

Key Points

• IREN Limited's shares experienced a significant increase of 7.3%, rising from a previous close of $47.02 to trade at approximately $50.46.
• A recent analysis indicates that IREN has a consensus rating of "Moderate Buy" from analysts, with an average price target of $47.73.
• CEO Daniel John Roberts sold 1,000,000 shares for $33.13 each, resulting in a $33.1 million transaction, which reduced his stake in the company by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report) shares rose 7.3% during mid-day trading on Friday . The stock traded as high as $52.19 and last traded at $50.46. Approximately 40,622,826 shares were traded during trading, an increase of 86% from the average daily volume of 21,815,281 shares. The stock had previously closed at $47.02.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent analyst reports. Arete initiated coverage on shares of IREN in a report on Wednesday, September 24th. They set a "buy" rating and a $78.00 price objective on the stock. Cantor Fitzgerald boosted their price target on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, August 29th. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $24.00 price target (up from $16.00) on shares of IREN in a report on Friday, September 26th. Macquarie upped their target price on IREN from $33.00 to $55.00 and gave the stock an "outperform" rating in a research note on Monday. Finally, BTIG Research upped their target price on IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Eleven investment analysts have rated the stock with a Buy rating, three have issued 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 price target of $47.73.

IREN Trading Up 7.3%

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 company has a fifty day simple moving average of $28.29 and a 200-day simple moving average of $16.16. The company has a market capitalization of $13.72 billion, a PE ratio of 85.53 and a beta of 4.19.

IREN (NASDAQ:IREN - Get Free Report) last issued 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 company 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%. Analysts predict that IREN Limited will post 0.43 EPS for the current year.

Insider Transactions at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction 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 sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 21.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently modified their holdings of IREN. Crewe Advisors LLC purchased a new position in shares of IREN during the 1st quarter worth $39,000. Quarry LP purchased a new position in shares of IREN during the 1st quarter worth $40,000. Delta Financial Group Inc. purchased a new position in shares of IREN during the 1st quarter worth $61,000. R Squared Ltd grew its holdings in shares of IREN by 170.1% during the 1st quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after purchasing an additional 6,480 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in shares of IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock worth $66,000 after purchasing an additional 1,839 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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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