IREN Limited (NASDAQ:IREN) Sees Significant Increase in Short Interest

IREN Limited (NASDAQ:IREN) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 48,120,000 shares, a growth of 36.5% from the September 30th total of 35,250,000 shares. Approximately 18.9% of the shares of the company are sold short. Based on an average daily volume of 34,990,000 shares, the days-to-cover ratio is currently 1.4 days. Based on an average daily volume of 34,990,000 shares, the days-to-cover ratio is currently 1.4 days. Approximately 18.9% of the shares of the company are sold short.

IREN Price Performance

Shares of IREN stock traded up $1.09 on Tuesday, hitting $68.84. 30,341,386 shares of the company’s stock were exchanged, compared to its average volume of 24,167,656. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. IREN has a 12 month low of $5.13 and a 12 month high of $75.73. The stock has a market cap of $18.72 billion, a P/E ratio of 116.99 and a beta of 4.21. The company has a 50 day moving average of $46.35 and a 200 day moving average of $24.52.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The business had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. On average, equities research analysts predict that IREN will post 0.43 EPS for the current year.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.02% of the stock is owned by company insiders.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently modified their holdings of IREN. 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 IREN in the first quarter valued at about $40,000. Delta Financial Group Inc. bought a new position in IREN in the first quarter valued at about $61,000. R Squared Ltd raised its position in IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after purchasing an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

IREN has been the subject of several recent research reports. Macquarie boosted their price target on IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Canaccord Genuity Group upped their target price on IREN from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Roth Capital set a $94.00 target price on IREN and gave the company a “buy” rating in a research report on Monday. Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 target price (up from $16.00) on shares of IREN in a research report on Friday, September 26th. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, IREN presently has a consensus rating of “Hold” and an average target price of $60.64.

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.