Macquarie Issues Positive Forecast for IREN (NASDAQ:IREN) Stock Price

Key Points

• Analysts at Macquarie increased their price target for IREN stock from $33.00 to $55.00, suggesting a potential upside of 21.13% at the time of the update.
• IREN has shown strong performance with a 186% increase YTD attributed to its AI pivot, indicating significant market interest and investor confidence.
• The company reported an EPS of $0.19 for its last quarter, exceeding analyst expectations, while revenue was slightly below estimates at $187.30 million.

IREN (NASDAQ:IREN - Get Free Report) had its price target boosted by analysts at Macquarie from $33.00 to $55.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Macquarie's price objective would suggest a potential upside of 21.13% from the stock's current price.

A number of other equities research analysts have also recently commented on IREN. Compass Point initiated coverage on shares of IREN in a research note on Monday, September 15th. They set a "buy" rating on the stock. Arete Research initiated coverage on IREN in a research report on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price on the stock. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Jones Trading lowered IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Finally, B. Riley increased their target price on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IREN currently has an average rating of "Moderate Buy" and an average price target of $44.92.

IREN Stock Performance

Shares of NASDAQ IREN traded up $3.55 during midday trading on Monday, reaching $45.41. 25,161,379 shares of the stock were exchanged, compared to its average volume of 21,519,393. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of 76.74 and a beta of 4.03. IREN has a twelve month low of $5.13 and a twelve month high of $49.39. The firm has a 50-day simple moving average of $25.37 and a two-hundred day simple moving average of $14.88. 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 (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million for the quarter, compared to analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. As a group, analysts anticipate that IREN will post 0.43 EPS for the current fiscal year.

Insider Activity at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN 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 transaction, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.55% of the stock is currently owned by corporate insiders.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Situational Awareness LP raised 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 buying an additional 3,034,254 shares during the period. Hood River Capital Management LLC purchased a new stake in IREN in the 2nd quarter valued at about $74,228,000. Invesco Ltd. raised its holdings in IREN by 45.9% in the 2nd 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 during the period. Vident Advisory LLC raised its holdings in IREN by 0.6% in 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 purchased a new stake in IREN in the 2nd quarter valued at about $21,025,000. 41.08% of the stock is currently owned by hedge funds and other 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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