IREN (NASDAQ:IREN) Trading 7.3% Higher – Should You Buy?

Shares of IREN Limited (NASDAQ:IREN) rose 7.3% during trading on Friday . The company traded as high as $52.19 and last traded at $50.46. Approximately 40,622,826 shares were traded during trading, an increase of 86% from the average daily volume of 21,815,281 shares. The stock had previously closed at $47.02.

Analysts Set New Price Targets

IREN has been the subject of a number of recent research reports. Macquarie boosted their price target on shares of IREN from $33.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Arete Research started coverage on shares of IREN in a research note on Wednesday, September 24th. They set a “buy” rating and a $78.00 price target for the company. Cantor Fitzgerald lifted their price objective on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Finally, Arete started coverage on shares of IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.73.

IREN Stock Performance

The firm has a market capitalization of $13.72 billion, a PE ratio of 85.53 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The company’s fifty day simple moving average is $28.29 and its 200 day simple moving average is $16.22.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. The business had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. As a group, equities research analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company’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 in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 21.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently modified their holdings of the stock. Crewe Advisors LLC bought a new stake in shares of IREN during the first quarter valued at about $39,000. Quarry LP bought a new stake in shares of IREN during the first quarter valued at about $40,000. Delta Financial Group Inc. bought a new stake in shares of IREN during the first quarter valued at about $61,000. R Squared Ltd increased its position in shares of IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after buying an additional 6,480 shares during the period. Finally, Advisors Asset Management Inc. increased its position in shares of IREN by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after buying an additional 1,839 shares during the period. 41.08% of the stock is currently owned by institutional investors.

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.