IREN (NASDAQ:IREN) Trading Up 1.1% – Should You Buy?

IREN Limited (NASDAQ:IREN)’s stock price was up 1.1% on Tuesday . The stock traded as high as $48.91 and last traded at $46.84. Approximately 30,528,705 shares traded hands during trading, an increase of 17% from the average daily volume of 25,992,311 shares. The stock had previously closed at $46.34.

Analyst Ratings Changes

Several brokerages have recently issued reports on IREN. BTIG Research lifted their price target on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Arete Research assumed coverage on IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price on the stock. Zacks Research cut shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. JPMorgan Chase & Co. lifted their price target on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Finally, Citizens Jmp initiated coverage on shares of IREN in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 price target on the stock. Twelve 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. According to MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus target price of $69.85.

IREN Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company’s fifty day simple moving average is $55.17 and its two-hundred day simple moving average is $32.29. The stock has a market capitalization of $13.28 billion, a P/E ratio of 24.14 and a beta of 4.23.

Insider Buying and Selling

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred on 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 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 Securities & Exchange Commission, which is available at this link. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in shares of IREN during the 3rd quarter worth $25,000. Quarry LP bought a new position in shares of IREN during the first quarter valued at about $40,000. Allianz SE bought a new stake in IREN in the 3rd quarter worth $57,000. Sherman Asset Management Inc. purchased a new position in IREN during the 3rd quarter valued at $59,000. Finally, Advisors Asset Management Inc. raised its position in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares in the last quarter. Institutional investors and hedge funds 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.