Weiss Ratings Reiterates Hold (C-) Rating for IREN (NASDAQ:IREN)

Key Points

• Weiss Ratings has reiterated a "hold (C-)" rating for IREN, while other analysts have given mixed ratings, including a "buy" and an "overweight" rating with a range of target prices from $21.00 to $75.00.
• IREN's stock price saw significant movement, opening at $60.09 after hitting a one-year low of $5.13 and a high of $63.40, reflecting a strong market performance.
• CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, resulting in a 6.67% decrease of his ownership, while insiders hold 21.55% of the stock.

IREN (NASDAQ:IREN - Get Free Report)'s stock had its "hold (c-)" rating reiterated by analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other analysts also recently issued reports about the stock. HC Wainwright boosted their target price on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Cantor Fitzgerald boosted their target price on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Jones Trading downgraded shares of IREN from a "buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Compass Point assumed coverage on shares of IREN in a research note on Monday, September 15th. They set a "buy" rating on the stock. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $75.00 target price on shares of IREN in a research note on Thursday, September 25th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, IREN presently has an average rating of "Moderate Buy" and a consensus price target of $47.73.

IREN Price Performance

Shares of NASDAQ:IREN opened at $60.09 on Wednesday. IREN has a one year low of $5.13 and a one year high of $63.40. The stock has a fifty day moving average of $30.91 and a 200-day moving average of $17.25. The company has a market capitalization of $16.34 billion, a PE ratio of 101.85 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. As a group, equities analysts anticipate that IREN will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction 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 directly owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 21.55% of the company's stock.

Hedge Funds Weigh In On IREN

Several hedge funds have recently bought and sold shares of IREN. Crewe Advisors LLC acquired a new position in IREN during the first quarter worth $39,000. Quarry LP acquired a new position in IREN during the first quarter worth $40,000. Delta Financial Group Inc. acquired a new position in IREN during the first quarter worth $61,000. R Squared Ltd increased its position in IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after buying an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in IREN by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock worth $66,000 after buying an additional 1,839 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.

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