IREN Limited (NASDAQ:IREN - Get Free Report) shares rose 8.5% on Tuesday . The company traded as high as $72.30 and last traded at $69.56. Approximately 51,426,798 shares traded hands during trading, an increase of 123% from the average daily volume of 23,108,221 shares. The stock had previously closed at $64.14.
Wall Street Analysts Forecast Growth
Several research firms have commented on IREN. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Weiss Ratings restated a "hold (c-)" rating on shares of IREN in a research report on Wednesday, October 8th. B. Riley raised their price target on shares of IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Arete Research started coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price target for the company. Finally, HC Wainwright raised their price objective on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a report on Friday, August 29th. 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 company. According to data from MarketBeat.com, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $51.64.
Check Out Our Latest Report on IREN
IREN Stock Up 8.5%
The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm's 50 day moving average is $33.71 and its 200-day moving average is $18.57. The firm has a market cap of $18.92 billion, a PE ratio of 117.90 and a beta of 4.19.
IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The business had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. As a group, equities research analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.
Insider Activity
In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.02% of the company's stock.
Institutional Trading of IREN
Large investors have recently modified their holdings of the company. Farther Finance Advisors LLC increased its stake in IREN by 57.3% during the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after buying an additional 5,700 shares during the period. SG Americas Securities LLC acquired a new stake in shares of IREN during the first quarter worth approximately $592,000. Exchange Traded Concepts LLC boosted its holdings in shares of IREN by 46.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company's stock worth $6,212,000 after purchasing an additional 325,327 shares during the period. Crewe Advisors LLC bought a new position in IREN during the first quarter valued at approximately $39,000. Finally, Vontobel Holding Ltd. raised its position in IREN by 36.0% during 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 in the last quarter. Institutional investors and hedge funds 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.
Further Reading
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