IREN (NASDAQ:IREN) Reaches New 52-Week High Following Analyst Upgrade

by · The Markets Daily

IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price hit a new 52-week high during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $37.00 to $42.00. Canaccord Genuity Group currently has a buy rating on the stock. IREN traded as high as $37.23 and last traded at $37.14, with a volume of 37855013 shares changing hands. The stock had previously closed at $33.96.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $16.00 price objective (up from $12.00) on shares of IREN in a research report on Monday, July 28th. HC Wainwright boosted their price target on IREN from $21.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Jones Trading downgraded IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Roth Capital reaffirmed a “buy” rating and issued a $35.00 price objective on shares of IREN in a research note on Friday, August 29th. Finally, Compass Point started coverage on IREN in a research note on Monday. They set a “buy” rating for the company. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.89.

Check Out Our Latest Stock Analysis on IREN

Insider Transactions at IREN

In other IREN 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 transaction of $33,130,000.00. Following the sale, the chief executive officer 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 21.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aurelius Capital Management LP acquired a new stake in IREN during the first quarter worth approximately $311,000. Balefire LLC bought a new position in shares of IREN during the 2nd quarter worth approximately $1,214,000. Maridea Wealth Management LLC grew its position in shares of IREN by 57.1% during the 1st quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company’s stock worth $1,950,000 after buying an additional 116,408 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of IREN by 14.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company’s stock valued at $6,014,000 after acquiring an additional 122,668 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in shares of IREN during the 1st quarter valued at $169,000. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Stock Up 4.0%

The company has a market cap of $10.31 billion, a price-to-earnings ratio of 64.24 and a beta of 4.03. The stock’s 50-day moving average is $21.91 and its 200-day moving average is $13.10. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN – Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $187.30 million for 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%. On average, analysts anticipate that IREN Limited will post 0.43 earnings per share for the current fiscal year.

IREN Company Profile

(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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