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Macquarie Increases IREN (NASDAQ:IREN) Price Target to $86.00

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Key Points

  • Macquarie has raised its price target for IREN (NASDAQ:IREN) from $55.00 to $86.00, signaling a potential upside of 65.93% from the previous close.
  • The current consensus rating for IREN among eleven analysts is a Moderate Buy, with a consensus price target of $54.45.
  • IREN's stock performance indicates substantial growth, with a year-to-date increase of 186% attributed to its pivot toward AI opportunities.
  • Interested in IREN? Here are five stocks we like better.

IREN (NASDAQ:IREN - Get Free Report) had its price objective boosted by equities research analysts at Macquarie to $86.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Macquarie's price target would suggest a potential upside of 65.93% from the company's previous close.

Other equities analysts have also issued research reports about the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of IREN in a research report on Wednesday, October 8th. BTIG Research increased their price target on shares of IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, October 14th. Jones Trading downgraded shares of IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $24.00 price target (up from $16.00) on shares of IREN in a report on Friday, September 26th. Finally, B. Riley reaffirmed a "buy" rating on shares of IREN in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.45.

Get Our Latest Report on IREN

IREN Stock Performance

IREN traded down $3.36 during trading on Wednesday, hitting $51.83. 53,071,809 shares of the company traded hands, compared to its average volume of 23,724,137. The firm has a market cap of $14.10 billion, a P/E ratio of 87.85 and a beta of 4.19. The stock's fifty day moving average is $39.04 and its 200 day moving average is $20.82. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN has a one year low of $5.13 and a one year high of $74.15.

IREN (NASDAQ:IREN - Get Free Report) last issued its 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. The firm had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. As a group, equities analysts predict that IREN will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Penbrook Management LLC bought a new position in shares of IREN in the third quarter worth approximately $291,000. MassMutual Private Wealth & Trust FSB bought a new position in shares of IREN in the third quarter worth approximately $493,000. Abundance Wealth Counselors bought a new position in shares of IREN in the third quarter worth approximately $329,000. D.A. Davidson & CO. bought a new position in shares of IREN in the third quarter worth approximately $245,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of IREN in the third quarter worth approximately $458,000. Institutional investors own 41.08% of the company's stock.

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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