IREN (NASDAQ:IREN) Shares Up 8.4% - Here's What Happened

Key Points

• IREN Limited's stock experienced an 8.4% increase, closing at $41.90, after reaching a high of $42.93 during trading, with a significant surge in trading volume of 121% above average.
• Several analysts have upgraded their ratings for IREN, with Macquarie raising the price target to $33.00 and Canaccord Genuity increasing it to $42.00, reflecting a strong consensus of "Moderate Buy" among nine research analysts.
• CEO Daniel John Roberts sold 1,000,000 shares of company stock for a total of $33.13 million, decreasing his ownership stake while insiders collectively hold 21.55% of the shares.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded up 8.4% on Monday . The stock traded as high as $42.93 and last traded at $41.90. 45,863,393 shares traded hands during trading, an increase of 121% from the average session volume of 20,764,195 shares. The stock had previously closed at $38.64.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Macquarie lifted their price target on IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Canaccord Genuity Group lifted their price objective on IREN from $37.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Roth Capital reaffirmed a "buy" rating and issued a $35.00 price objective on shares of IREN in a report on Friday, August 29th. B. Riley lifted their price target on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Compass Point assumed coverage on shares of IREN in a research note on Monday, September 15th. They issued a "buy" rating on the stock. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, IREN has a consensus rating of "Moderate Buy" and an average price target of $30.89.

IREN Trading Up 8.4%

The business has a 50 day moving average of $22.74 and a two-hundred day moving average of $13.59. 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 capitalization of $11.40 billion, a price-to-earnings ratio of 71.02 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The firm had revenue of $187.30 million during the quarter, compared to the consensus estimate 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 year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company'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 value of $33,130,000.00. Following the completion of the transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 21.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IREN

Several institutional investors have recently modified their holdings of IREN. Hood River Capital Management LLC bought a new position in shares of IREN in the second quarter valued at approximately $74,228,000. Situational Awareness LP bought a new position in IREN during the first quarter valued at $20,500,000. Merewether Investment Management LP bought a new position in IREN during the second quarter valued at $21,025,000. Alkeon Capital Management LLC bought a new position in shares of IREN during the 2nd quarter worth $14,570,000. Finally, Invesco Ltd. increased its holdings in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock worth $43,341,000 after acquiring an additional 936,333 shares during the last quarter. 41.08% of the stock is owned by 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.

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.