IREN (NASDAQ:IREN) Trading 6.9% Higher – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) shot up 6.9% during trading on Wednesday . The company traded as high as $44.37 and last traded at $43.96. 59,489,667 shares traded hands during trading, an increase of 130% from the average session volume of 25,891,428 shares. The stock had previously closed at $41.12.

Wall Street Analyst Weigh In

IREN has been the subject of several research analyst reports. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. BTIG Research increased their target price on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Macquarie raised their target price on IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Cantor Fitzgerald lifted their price target on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.43.

IREN Stock Performance

The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $12.67 billion, a PE ratio of 23.05 and a beta of 4.23. The firm’s fifty day moving average price is $55.17 and its 200 day moving average price is $31.71.

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 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 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by insiders.

Institutional Trading of IREN

Large investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new position in shares of IREN in the 2nd quarter valued at $6,877,000. Aurelius Capital Management LP bought a new position in IREN during the first quarter worth about $311,000. X Square Capital LLC lifted its holdings in IREN by 129.9% during 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 acquired a new position in IREN in the second quarter valued at about $1,214,000. Finally, Hartline Investment Corp bought a new stake in shares of IREN in the second quarter worth about $228,000. 41.08% of the stock is owned by 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.