IREN (NASDAQ:IREN) Stock Price Up 1.4% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price was up 1.4% during mid-day trading on Monday . The stock traded as high as $48.84 and last traded at $48.49. Approximately 20,831,200 shares traded hands during trading, a decline of 18% from the average daily volume of 25,483,756 shares. The stock had previously closed at $47.81.

Analyst Ratings Changes

Several equities research analysts recently commented on IREN shares. Macquarie upped their target price on IREN to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a report on Monday, November 3rd. BTIG Research raised their price target on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Zacks Research downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Finally, Jones Trading lowered IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus price target 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 company’s 50 day moving average is $55.05 and its 200-day moving average is $30.75. The company has a market capitalization of $13.75 billion, a P/E ratio of 24.99 and a beta of 4.23.

IREN (NASDAQ:IREN) last posted its quarterly earnings results 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. The firm had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. Equities analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Several institutional investors have recently modified their holdings of the stock. US Bancorp DE purchased a new position in IREN in the 1st quarter worth about $69,000. R Squared Ltd boosted its holdings in IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock worth $63,000 after acquiring an additional 6,480 shares in the last quarter. Delta Financial Group Inc. acquired a new position in IREN during the 1st quarter valued at approximately $61,000. Evolution Wealth Advisors LLC increased its position in shares of IREN by 61.3% in the 1st quarter. Evolution Wealth Advisors LLC now owns 77,220 shares of the company’s stock valued at $470,000 after acquiring an additional 29,340 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of IREN by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock worth $4,927,000 after purchasing an additional 98,190 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.