IREN (NASDAQ:IREN) Trading Up 6.4% - What's Next?

Key Points

• IREN Limited shares surged 6.4% during mid-day trading, reaching a high of $39.87 and last trading at $38.64, significantly up from a previous close of $36.32.
• Analysts have issued mostly positive ratings for IREN, with a consensus rating of "Moderate Buy" and a target price averaging $30.89, reflecting increased confidence after recent upgrades.
• CEO Daniel John Roberts sold 1 million shares of IREN at about $33.13 each, leading to a 6.67% decrease in his shareholding, despite him retaining a substantial stake in the company.

IREN Limited (NASDAQ:IREN - Get Free Report) shares were up 6.4% during mid-day trading on Friday . The company traded as high as $39.87 and last traded at $38.64. Approximately 36,211,591 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 20,615,801 shares. The stock had previously closed at $36.32.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IREN shares. Canaccord Genuity Group upped their target price on IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday. B. Riley upped their target price on IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Jones Trading cut IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. HC Wainwright upped their target price on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.89.

IREN Trading Up 6.4%

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 firm has a 50-day moving average of $22.30 and a 200 day moving average of $13.30. The company has a market cap of $10.51 billion, a P/E ratio of 65.49 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. On average, analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 transaction of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 21.55% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IREN. Hood River Capital Management LLC acquired a new position in IREN during the 2nd quarter worth approximately $74,228,000. Situational Awareness LP acquired a new position in IREN during the 1st quarter worth approximately $20,500,000. Merewether Investment Management LP acquired a new position in IREN during the 2nd quarter worth approximately $21,025,000. Two Sigma Investments LP raised its stake in IREN by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock worth $15,738,000 after buying an additional 1,056,005 shares during the period. Finally, Alkeon Capital Management LLC acquired a new position in IREN during the 2nd quarter worth approximately $14,570,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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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