IREN (NASDAQ:IREN) Shares Up 8.7% After Analyst Upgrade

IREN Limited (NASDAQ:IREN) traded up 8.7% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $28.00 to $39.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. IREN traded as high as $45.67 and last traded at $45.9460. 6,627,766 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 25,331,813 shares. The stock had previously closed at $42.26.

Several other analysts have also commented on IREN. Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 price objective on shares of IREN in a report on Thursday, September 25th. Compass Point reaffirmed a “buy” rating and set a $105.00 target price on shares of IREN in a report on Friday, November 7th. Roth Capital set a $94.00 price target on shares of IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Macquarie raised their price objective on shares of IREN to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Cantor Fitzgerald upped their price target on IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction dated 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. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 5.02% of the stock is owned by insiders.

Institutional Trading of IREN

Several institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in IREN during the third quarter worth $25,000. Quarry LP acquired a new stake in shares of IREN during the 1st quarter worth about $40,000. Allianz SE purchased a new stake in IREN in the 3rd quarter valued at about $57,000. Sherman Asset Management Inc. acquired a new position in IREN in the third quarter valued at about $59,000. Finally, Delta Financial Group Inc. purchased a new position in IREN during the first quarter worth about $61,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Trading Up 15.1%

The company has a market cap of $13.79 billion, a PE ratio of 25.17 and a beta of 4.21. The company’s 50 day simple moving average is $53.96 and its two-hundred day simple moving average is $29.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. As a group, sell-side analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

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.