IREN (NASDAQ:IREN) Earns Market Outperform Rating from Analysts at Citizens Jmp

Citizens Jmp began coverage on shares of IREN (NASDAQ:IREN) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “market outperform” rating and a $80.00 price target on the stock. Citizens Jmp’s price objective suggests a potential upside of 63.77% from the stock’s current price.

A number of other equities research analysts also recently weighed in on IREN. B. Riley reissued a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Cantor Fitzgerald raised their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Canaccord Genuity Group lifted their price target on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of IREN in a research report on Monday. Finally, Arete started coverage on IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.36.

IREN Stock Performance

IREN opened at $48.85 on Wednesday. The business has a 50 day moving average price of $53.34 and a two-hundred day moving average price of $28.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The company has a market capitalization of $13.85 billion, a price-to-earnings ratio of 25.18 and a beta of 4.21. IREN has a 1-year low of $5.13 and a 1-year high of $76.87.

IREN (NASDAQ:IREN) last issued its quarterly 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 company had revenue of $187.30 million for 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%. Research analysts predict that IREN will post 0.43 EPS for the current fiscal year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’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 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 sale was disclosed in a filing with the SEC, which is available at this link. 5.02% of the stock is owned by insiders.

Institutional Investors Weigh In On IREN

Several hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC purchased a new stake in shares of IREN in the second quarter worth approximately $74,228,000. Situational Awareness LP purchased a new position in IREN during the first quarter valued at approximately $20,500,000. Voloridge Investment Management LLC increased its stake in IREN by 1,444.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after buying an additional 1,545,579 shares during the period. Marshall Wace LLP lifted its position in IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after buying an additional 1,447,842 shares in the last quarter. Finally, Merewether Investment Management LP purchased a new stake in IREN in the 2nd quarter worth approximately $21,025,000. 41.08% of the stock is owned by hedge funds and other 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.