IREN (NASDAQ:IREN) Sets New 1-Year High on Analyst Upgrade

Shares of IREN Limited (NASDAQ:IREN) hit a new 52-week high during mid-day trading on Wednesday after BTIG Research raised their price target on the stock from $22.00 to $32.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $30.50 and last traded at $30.19, with a volume of 49869141 shares changing hands. The stock had previously closed at $26.19.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group boosted their target price on shares of IREN from $23.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 29th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $16.00 target price (up previously from $12.00) on shares of IREN in a report on Monday, July 28th. HC Wainwright boosted their price target on shares of IREN from $21.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, August 29th. Jones Trading lowered shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Finally, Roth Capital restated a “buy” rating and set a $35.00 price target on shares of IREN in a research report on Friday, August 29th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.33.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 21.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IREN

A number of institutional investors have recently bought and sold shares of the stock. Centaurus Financial Inc. raised its stake in IREN by 5.3% in the second quarter. Centaurus Financial Inc. now owns 31,150 shares of the company’s stock worth $454,000 after buying an additional 1,570 shares in the last quarter. Advisory Services Network LLC raised its stake in IREN by 80.8% in the second quarter. Advisory Services Network LLC now owns 100,254 shares of the company’s stock worth $1,615,000 after buying an additional 44,798 shares in the last quarter. Headlands Technologies LLC grew its holdings in IREN by 172.2% in the second quarter. Headlands Technologies LLC now owns 294,542 shares of the company’s stock worth $4,291,000 after purchasing an additional 186,344 shares during the period. Tower Research Capital LLC TRC grew its holdings in IREN by 54.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company’s stock worth $152,000 after purchasing an additional 3,684 shares during the period. Finally, Tidal Investments LLC purchased a new stake in IREN in the second quarter worth about $175,000. 41.08% of the stock is owned by institutional investors.

IREN Trading Down 2.3%

The firm has a market cap of $8.93 billion, a PE ratio of 55.68 and a beta of 4.03. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $20.35 and its two-hundred day simple moving average is $12.33.

IREN (NASDAQ:IREN) last announced its quarterly earnings data 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 analysts’ expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. On average, sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

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.