IREN (NASDAQ:IREN) Trading Up 3.6% – Here’s What Happened

IREN Limited (NASDAQ:IREN) traded up 3.6% on Monday . The company traded as high as $46.56 and last traded at $46.34. 30,771,101 shares were traded during trading, an increase of 18% from the average session volume of 25,979,322 shares. The stock had previously closed at $44.71.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IREN shares. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Compass Point reissued a “buy” rating and set a $105.00 price target on shares of IREN in a research report on Friday, November 7th. Wall Street Zen cut shares of IREN from a “hold” rating to a “sell” rating in a report on Saturday. Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 price objective on shares of IREN in a research note on Thursday, September 25th. Finally, Citigroup started coverage on IREN in a research report on Wednesday, November 19th. They set an “outperform” rating on the stock. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.85.

IREN Stock Performance

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 stock has a market capitalization of $13.14 billion, a PE ratio of 23.89 and a beta of 4.23. The firm has a 50 day moving average price of $55.17 and a 200-day moving average price of $32.03.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IREN. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter valued at $25,000. Allianz SE acquired a new position in shares of IREN in the 3rd quarter valued at about $57,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN in the third quarter worth about $59,000. Banque Cantonale Vaudoise acquired a new stake in IREN during the third quarter worth about $67,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in IREN during the third quarter worth about $74,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.