IREN (NASDAQ:IREN) Shares Up 11.5% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price shot up 11.5% during trading on Monday . The company traded as high as $75.73 and last traded at $67.75. 79,874,480 shares were traded during mid-day trading, an increase of 231% from the average session volume of 24,143,395 shares. The stock had previously closed at $60.75.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Compass Point assumed coverage on IREN in a research report on Monday, September 15th. They set a “buy” rating on the stock. 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 reaffirmed a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. BTIG Research upped their price target on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Finally, Wall Street Zen raised IREN from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $55.27.

IREN Stock Up 11.5%

The stock has a market capitalization of $18.43 billion, a PE ratio of 114.83 and a beta of 4.21. 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 business’s fifty day moving average price is $45.46 and its two-hundred day moving average price is $24.08.

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

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s 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 sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Several hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter valued at $25,000. SLT Holdings LLC boosted its holdings in IREN by 6.0% in the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock valued at $497,000 after purchasing an additional 600 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in IREN by 3.0% in the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock valued at $596,000 after purchasing an additional 1,179 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in IREN by 5.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,393 shares of the company’s stock valued at $1,051,000 after purchasing an additional 1,233 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after purchasing an additional 1,387 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other 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.