IREN (NASDAQ:IREN) Stock Price Up 12.6% - Here's What Happened

Key Points

• IREN Limited's stock price rose by 12.6% on Friday, closing at $62.90 after trading as high as $63.11, with a significant trading volume increase of 55% over its average.
• Analysts have shown strong support for IREN, with eleven rating it as a "Buy" and setting varying price targets, the highest being $78.00.
• CEO Daniel John Roberts sold 1,000,000 shares for over $33 million, decreasing his ownership but still holding nearly 14 million shares valued at $463 million.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded up 12.6% during trading on Friday . The company traded as high as $63.11 and last traded at $62.90. 36,937,258 shares changed hands during mid-day trading, an increase of 55% from the average session volume of 23,826,137 shares. The stock had previously closed at $55.86.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Canaccord Genuity Group boosted their target price 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 initiated coverage on IREN in a research note on Wednesday, September 24th. They set a "buy" rating and a $78.00 price objective on the stock. Roth Capital reissued a "buy" rating and set a $35.00 price objective on shares of IREN in a research note on Friday, August 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, BTIG Research boosted their price objective on IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, October 14th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, IREN presently has a consensus rating of "Moderate Buy" and an average price target of $54.45.

IREN Stock Performance

The stock has a market cap of $17.11 billion, a P/E ratio of 106.61 and a beta of 4.19. The business has a 50 day moving average price of $40.46 and a 200 day moving average price of $21.38. 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 released its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $187.51 million. As a group, sell-side analysts expect that IREN Limited will post 0.43 EPS for the current year.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the 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 of the company's stock, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vermillion Wealth Management Inc. acquired a new position in shares of IREN in the third quarter valued at about $74,000. SLT Holdings LLC increased its holdings in shares of IREN by 6.0% in the third quarter. SLT Holdings LLC now owns 10,600 shares of the company's stock valued at $497,000 after purchasing an additional 600 shares during the period. Spire Wealth Management raised its stake in shares of IREN by 199.1% during the 3rd quarter. Spire Wealth Management now owns 6,880 shares of the company's stock valued at $323,000 after buying an additional 4,580 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of IREN in the 3rd quarter valued at about $221,000. Finally, Penbrook Management LLC acquired a new position in shares of IREN in the 3rd quarter valued at about $291,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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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