IREN (NASDAQ:IREN) Shares Up 14.7% on Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s share price shot up 14.7% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $28.00 to $39.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. IREN traded as high as $48.99 and last traded at $48.49. 35,891,707 shares changed hands during trading, an increase of 41% from the average session volume of 25,464,852 shares. The stock had previously closed at $42.26.

A number of other equities analysts have also recently issued reports on IREN. Arete began coverage on IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price target on the stock. Canaccord Genuity Group raised their price target on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Arete Research initiated coverage on shares of IREN in a research note on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target for the company. JMP Securities set a $80.00 price objective on shares of IREN in a research report on Wednesday, November 19th. Finally, HC Wainwright raised their target price on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research note on Tuesday, November 4th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $70.43.

Insiders Place Their Bets

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 transaction, the chief executive officer owned 13,989,696 shares in the company, 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 filing with the SEC, which is accessible through this hyperlink. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Global Retirement Partners LLC acquired a new stake in shares of IREN in the 3rd quarter worth about $25,000. Quarry LP bought a new stake in IREN during the 1st quarter worth approximately $40,000. Allianz SE purchased a new stake in shares of IREN in the third quarter worth approximately $57,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN in the third quarter worth approximately $59,000. Finally, Delta Financial Group Inc. bought a new position in shares of IREN in the first quarter valued at approximately $61,000. 41.08% of the stock is owned by institutional investors.

IREN Stock Performance

The company has a market cap of $13.75 billion, a PE ratio of 24.99 and a beta of 4.21. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average of $53.96 and a 200-day moving average of $29.32.

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