IREN Limited (NASDAQ:IREN - Get Free Report) shares rose 6.8% during trading on Tuesday . The stock traded as high as $63.40 and last traded at $61.68. Approximately 74,913,509 shares changed hands during trading, an increase of 238% from the average daily volume of 22,194,455 shares. The stock had previously closed at $57.75.
Wall Street Analyst Weigh In
IREN has been the topic of a number of research analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $75.00 price target on shares of IREN in a report on Thursday, September 25th. Compass Point assumed coverage on IREN in a research report on Monday, September 15th. They issued a "buy" rating for the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of IREN in a research note on Saturday, September 27th. Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Finally, HC Wainwright lifted their target price on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.73.
View Our Latest Stock Analysis on IREN
IREN Stock Performance
The business's 50-day moving average price is $29.11 and its 200-day moving average price is $16.64. The stock has a market cap of $16.78 billion, a P/E ratio of 104.54 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.
IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. As a group, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.
Insider Transactions at IREN
In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 21.55% of the stock is currently owned by company insiders.
Institutional Trading of IREN
Hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC grew 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 valued at $104,000 after purchasing an additional 5,700 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of IREN in the 1st quarter worth about $592,000. Exchange Traded Concepts LLC lifted its holdings in shares of IREN by 46.8% in the 1st 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 purchased a new position in IREN in the first quarter worth about $39,000. Finally, Vontobel Holding Ltd. increased its stake in IREN by 36.0% during the first quarter. Vontobel Holding Ltd. now owns 76,080 shares of the company's stock worth $463,000 after acquiring an additional 20,157 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.
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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