IREN (NASDAQ:IREN) Trading 2.2% Higher – Here’s What Happened

by · The Markets Daily

Shares of IREN Limited (NASDAQ:IREN – Get Free Report) rose 2.2% during trading on Monday . The company traded as high as $49.42 and last traded at $47.41. Approximately 33,340,630 shares traded hands during trading, an increase of 33% from the average daily volume of 24,997,641 shares. The stock had previously closed at $46.37.

Analyst Ratings Changes

Several research analysts have weighed in on IREN shares. UBS Group restated a “buy” rating on shares of IREN in a report on Friday, November 7th. BTIG Research increased their target price on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Macquarie boosted their price target on shares of IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Canaccord Genuity Group increased their price objective on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Finally, Jones Trading lowered IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, IREN presently has an average rating of “Hold” and an average price target of $67.58.

View Our Latest Analysis on IREN

IREN Stock Up 2.2%

The company has a 50 day moving average of $52.54 and a 200-day moving average of $27.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The company has a market cap of $13.44 billion, a P/E ratio of 24.44 and a beta of 4.21.

IREN (NASDAQ:IREN – Get Free Report) last announced 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 business had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. On average, equities analysts predict that IREN Limited will post 0.43 earnings per share for the current 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 dated 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 directly owned 13,989,696 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.02% of the stock is currently owned by insiders.

Institutional Trading of IREN

A number of institutional investors have recently modified their holdings of IREN. Y Intercept Hong Kong Ltd bought a new position in IREN in the 2nd quarter worth $6,877,000. Aurelius Capital Management LP purchased a new position in shares of IREN during the first quarter valued at approximately $311,000. X Square Capital LLC boosted its holdings in IREN by 129.9% in the second quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock worth $6,352,000 after acquiring an additional 246,333 shares in the last quarter. Balefire LLC bought a new position in IREN in the 2nd quarter worth about $1,214,000. Finally, Hartline Investment Corp purchased a new stake in shares of IREN during the second quarter valued at approximately $228,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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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