IREN (NASDAQ:IREN) Trading Up 12.9% - What's Next?

Key Points

• IREN Limited's stock price increased by 12.9% on Wednesday, reaching as high as $49.30 before closing at $47.14, with trading volume surging by 207% compared to the average.
• Several analysts have upgraded their price targets for IREN, with a consensus target price now at $39.45 and the stock receiving multiple "buy" ratings from various research firms.
• CEO Daniel John Roberts sold 1 million shares of IREN stock on September 11th, representing a 6.67% decrease in ownership, while insider ownership remains at 21.55% of the company.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were up 12.9% on Wednesday . The stock traded as high as $49.30 and last traded at $47.14. Approximately 64,657,761 shares were traded during mid-day trading, an increase of 207% from the average daily volume of 21,057,988 shares. The stock had previously closed at $41.77.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IREN shares. Cantor Fitzgerald upped their price objective on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. B. Riley raised their price target on IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Friday, August 29th. BTIG Research raised their price target on IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Canaccord Genuity Group lifted their target price on IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Finally, Arete Research began coverage on IREN in a report on Wednesday. They issued a "buy" rating and a $78.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $39.45.

IREN Price Performance

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 stock has a market capitalization of $12.82 billion, a PE ratio of 79.90 and a beta of 4.03. The company has a 50-day moving average of $23.73 and a 200 day moving average of $14.02.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. Sell-side analysts predict that IREN Limited will post 0.43 EPS for the current year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the transaction, the chief executive officer owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 21.55% of the company's stock.

Hedge Funds Weigh In On IREN

Large investors have recently modified their holdings of the business. Aurelius Capital Management LP acquired a new position in shares of IREN in the 1st quarter valued at $311,000. Balefire LLC acquired a new position in shares of IREN in the 2nd quarter valued at $1,214,000. Maridea Wealth Management LLC lifted its stake in shares of IREN by 57.1% in the 1st quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company's stock valued at $1,950,000 after purchasing an additional 116,408 shares during the last quarter. Baader Bank Aktiengesellschaft acquired a new position in shares of IREN in the 2nd quarter valued at $4,808,000. Finally, AFG Fiduciary Services Limited Partnership acquired a new position in shares of IREN in the 2nd quarter valued at $254,000. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Company Profile

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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