IREN (NASDAQ:IREN) Shares Up 3% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares traded up 3% during mid-day trading on Tuesday . The company traded as high as $50.67 and last traded at $48.85. 37,239,297 shares changed hands during trading, an increase of 49% from the average session volume of 25,055,432 shares. The stock had previously closed at $47.41.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IREN shares. Compass Point reaffirmed a “buy” rating and set a $105.00 price target on shares of IREN in a research report on Friday, November 7th. B. Riley reissued a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Wall Street Zen cut shares of IREN from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of IREN in a research report on Monday. Finally, BTIG Research boosted their price objective on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $67.58.

IREN Stock Up 3.0%

The firm has a market capitalization of $13.85 billion, a PE ratio of 25.18 and a beta of 4.21. The firm’s 50 day moving average price is $52.97 and its two-hundred day moving average price is $28.23. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. As a group, research analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was 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. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Hood River Capital Management LLC purchased a new position in shares of IREN during the 2nd quarter valued at approximately $74,228,000. Situational Awareness LP bought a new position in IREN during the 1st quarter valued at $20,500,000. Voloridge Investment Management LLC grew its holdings in IREN by 1,444.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after acquiring an additional 1,545,579 shares in the last quarter. Marshall Wace LLP increased its position in shares of IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after purchasing an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in shares of IREN in the 2nd quarter worth 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.