IREN Limited (NASDAQ:IREN - Get Free Report) shares dropped 2.6% during trading on Wednesday . The stock traded as low as $57.26 and last traded at $60.09. Approximately 57,100,814 shares were traded during trading, an increase of 155% from the average daily volume of 22,368,326 shares. The stock had previously closed at $61.68.
Analyst Ratings Changes
Several research analysts have recently weighed in on IREN shares. Canaccord Genuity Group lifted their price objective on IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Arete Research started coverage on IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price objective for the company. Macquarie lifted their price objective on IREN from $33.00 to $55.00 and gave the stock an "outperform" rating in a research report on Monday, September 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating and issued a $24.00 price objective (up from $16.00) on shares of IREN in a research report on Friday, September 26th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.73.
Read Our Latest Research Report on IREN
IREN Price Performance
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 business has a fifty day simple moving average of $30.03 and a 200 day simple moving average of $16.95. The stock has a market capitalization of $16.34 billion, a P/E ratio of 101.85 and a beta of 4.19.
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 analysts' consensus estimates 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 analyst estimates of $187.51 million. On average, analysts expect that IREN Limited will post 0.43 earnings per share for the current year.
Insider Buying and Selling at IREN
In related 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 transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 21.55% of the stock is owned by insiders.
Institutional Investors Weigh In On IREN
Several institutional investors have recently made changes to their positions in IREN. Farther Finance Advisors LLC increased its holdings in shares of IREN by 57.3% in the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after purchasing an additional 5,700 shares during the period. SG Americas Securities LLC bought a new position in IREN in the first quarter valued at $592,000. Exchange Traded Concepts LLC increased its stake in IREN by 46.8% in the first quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company's stock valued at $6,212,000 after acquiring an additional 325,327 shares during the last quarter. Crewe Advisors LLC bought a new position in IREN in the first quarter valued at $39,000. Finally, Vontobel Holding Ltd. increased its stake in IREN by 36.0% in the first quarter. Vontobel Holding Ltd. now owns 76,080 shares of the company's stock valued at $463,000 after acquiring an additional 20,157 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.
About IREN
(
Get Free Report)
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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