IREN (NASDAQ:IREN) Trading Up 9.7% on Analyst Upgrade

Key Points

• IREN Limited's stock surged 9.7% after Macquarie upgraded its price target from $33.00 to $55.00, maintaining an outperform rating.
• Institutional ownership of IREN is significant, with hedge funds like Situational Awareness LP increasing their stake by 90.1% during the second quarter.
• IREN reported earnings per share of $0.19 for the last quarter, slightly exceeding analysts' expectations, with revenue of approximately $187.30 million.

IREN Limited (NASDAQ:IREN - Get Free Report) shares traded up 9.7% during mid-day trading on Monday after Macquarie raised their price target on the stock from $33.00 to $55.00. Macquarie currently has an outperform rating on the stock. IREN traded as high as $46.22 and last traded at $45.93. 36,771,653 shares traded hands during mid-day trading, an increase of 70% from the average session volume of 21,588,240 shares. The stock had previously closed at $41.86.

Other analysts have also recently issued research reports about the company. Sanford C. Bernstein reiterated an "outperform" rating and set a $75.00 target price on shares of IREN in a research report on Thursday. BTIG Research boosted their target price on shares of IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Roth Capital reiterated a "buy" rating and issued a $35.00 price objective on shares of IREN in a research report on Friday, August 29th. Canaccord Genuity Group increased their price objective on shares of IREN from $37.00 to $42.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating and set a $24.00 price objective (up from $16.00) on shares of IREN in a research note on Friday. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $44.92.

Insider Activity at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 21.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently made changes to their positions in the business. Situational Awareness LP increased its holdings in IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of IREN in the second quarter worth about $74,228,000. Invesco Ltd. grew its stake in shares of 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 buying an additional 936,333 shares in the last quarter. Vident Advisory LLC raised its holdings in shares of IREN by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock valued at $18,006,000 after buying an additional 18,794 shares during the period. Finally, Merewether Investment Management LP acquired a new position in IREN during the 2nd quarter worth approximately $21,025,000. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Stock Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. The stock has a fifty day simple moving average of $25.37 and a two-hundred day simple moving average of $14.88. The stock has a market cap of $12.49 billion, a PE ratio of 77.85 and a beta of 4.03.

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, topping 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 firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. Equities analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

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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