IREN (NASDAQ:IREN) Trading Up 7.8% on Analyst Upgrade

Key Points

• IREN Limited's stock jumped 7.8% after Macquarie upgraded its price target to $86.00 and maintained an outperform rating.
• Insider trading revealed CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, decreasing his position by 6.67%.
• Institutional investors have shown increased interest, with several firms acquiring new positions and Invesco growing its stake by 45.9% in the last quarter.

IREN Limited (NASDAQ:IREN - Get Free Report) traded up 7.8% on Thursday after Macquarie raised their price target on the stock to $86.00. Macquarie currently has an outperform rating on the stock. IREN traded as high as $57.78 and last traded at $55.86. 30,127,075 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 23,751,465 shares. The stock had previously closed at $51.83.

Several other equities research analysts also recently commented on IREN. Sanford C. Bernstein reiterated an "outperform" rating and set a $75.00 target price on shares of IREN in a report on Thursday, September 25th. Canaccord Genuity Group lifted their price objective on IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Cantor Fitzgerald lifted their price objective on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Weiss Ratings restated a "hold (c-)" rating on shares of IREN in a report on Wednesday, October 8th. Finally, B. Riley restated a "buy" rating on shares of IREN in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.45.

Insider Transactions at IREN

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 completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.02% 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 $74,228,000. Situational Awareness LP purchased a new position in IREN in the first quarter valued at about $20,500,000. Merewether Investment Management LP purchased a new position in IREN in the second quarter valued at about $21,025,000. Alkeon Capital Management LLC purchased a new position in IREN in the second quarter valued at about $14,570,000. Finally, Invesco Ltd. grew its stake in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after purchasing an additional 936,333 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Stock Up 7.8%

The business has a 50 day simple moving average of $39.73 and a 200 day simple moving average of $21.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The stock has a market cap of $15.19 billion, a PE ratio of 94.68 and a beta of 4.19.

IREN (NASDAQ:IREN - Get Free Report) last issued 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. The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. On average, equities research analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.