IREN (NASDAQ:IREN) Price Target Raised to $55.00

IREN (NASDAQ:IREN) had its target price upped by Macquarie from $33.00 to $55.00 in a research report report published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also issued reports on IREN. BTIG Research raised their price objective on IREN from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. Arete Research assumed coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price for the company. Roth Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of IREN in a research report on Friday, August 29th. B. Riley increased their price objective on IREN from $22.00 to $29.00 and gave the company a “buy” rating in a report on Friday, August 29th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and an average price target of $47.73.

IREN Stock Performance

Shares of IREN stock opened at $47.08 on Monday. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN has a 52 week low of $5.13 and a 52 week high of $49.39. The firm’s 50 day moving average is $27.06 and its two-hundred day moving average is $15.59. The firm has a market capitalization of $12.80 billion, a P/E ratio of 79.80 and a beta of 4.18.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Research analysts forecast that IREN will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction 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 transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 21.55% of the stock is currently owned by corporate insiders.

Institutional Trading of IREN

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of IREN by 46.5% during the fourth quarter. Bank of America Corp DE now owns 186,736 shares of the company’s stock worth $1,834,000 after acquiring an additional 59,250 shares during the period. Farther Finance Advisors LLC boosted its holdings in IREN by 57.3% in the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company’s stock valued at $104,000 after purchasing an additional 5,700 shares in the last quarter. SG Americas Securities LLC acquired a new position in IREN during the 1st quarter worth approximately $592,000. Exchange Traded Concepts LLC increased its position in IREN by 46.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company’s stock worth $6,212,000 after purchasing an additional 325,327 shares during the period. Finally, Crewe Advisors LLC purchased a new position in shares of IREN during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.