JPMorgan Chase & Co. Reaffirms "Underweight" Rating for IREN (NASDAQ:IREN)

Key Points

• JPMorgan Chase & Co. has reiterated its "underweight" rating for IREN, setting a new price target of $24.00, which indicates a potential downside of 48.15% from the stock's previous close.
• Despite JPMorgan's downgrade, other analysts have issued more positive outlooks, with multiple firms assigning "buy" ratings and raising price targets significantly, with a consensus price target reaching $43.08.
• IREN's quarterly earnings report revealed a net margin of 33.03% and earnings per share of $0.19, surpassing analysts' expectations, and the company's stock has seen a 186% increase year-to-date.

IREN (NASDAQ:IREN - Get Free Report)'s stock had its "underweight" rating reiterated by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $24.00 price objective on the stock, up from their previous price objective of $16.00. JPMorgan Chase & Co.'s target price suggests a potential downside of 48.15% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. B. Riley lifted their price target on shares of IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Canaccord Genuity Group lifted their price target on shares of IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. BTIG Research lifted their price target on shares of IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Cantor Fitzgerald lifted their price target on shares of IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Finally, Macquarie boosted their target price on shares of IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.08.

IREN Stock Down 1.8%

IREN opened at $46.29 on Friday. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $49.39. 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 firm's fifty day moving average price is $24.90 and its two-hundred day moving average price is $14.53. The company has a market capitalization of $12.59 billion, a P/E ratio of 78.46 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates 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. On average, analysts anticipate that IREN will post 0.43 EPS for the current year.

Insider Activity at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at $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 available through the SEC website. Corporate insiders own 21.55% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC bought a new position in shares of IREN in the first quarter valued at about $39,000. Quarry LP bought a new position in shares of IREN in the first quarter valued at about $40,000. Delta Financial Group Inc. bought a new position in shares of IREN in the first quarter valued at about $61,000. R Squared Ltd raised its holdings in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock valued at $63,000 after buying an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after buying an additional 1,839 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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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