IREN (NASDAQ:IREN) Trading 12.6% Higher – Here’s What Happened

Shares of IREN Limited (NASDAQ:IREN) traded up 12.6% during mid-day trading on Friday . The stock traded as high as $63.11 and last traded at $62.90. 36,937,258 shares changed hands during trading, an increase of 55% from the average session volume of 23,826,137 shares. The stock had previously closed at $55.86.

Analyst Ratings Changes

A number of equities analysts recently issued reports on IREN shares. Jones Trading cut IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Weiss Ratings restated a “hold (c-)” rating on shares of IREN in a report on Saturday. Cantor Fitzgerald lifted their target price on IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Arete Research 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. Finally, Macquarie lifted their target price on IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.45.

IREN Stock Up 12.6%

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 firm has a market cap of $17.11 billion, a PE ratio of 106.61 and a beta of 4.19. The business has a fifty day moving average price of $41.33 and a two-hundred day moving average price of $21.89.

IREN (NASDAQ:IREN) last issued its quarterly earnings results 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. IREN had a return on equity of 1.34% and a net margin of 33.03%.The business had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. On average, analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction on 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 completion of the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This trade 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 is accessible through the SEC website. Insiders own 5.02% of the company’s stock.

Institutional Trading of IREN

A number of institutional investors have recently bought and sold shares of IREN. Global Retirement Partners LLC acquired a new stake in IREN during the third quarter valued at $25,000. Quarry LP acquired a new stake in IREN during the first quarter valued at $40,000. Delta Financial Group Inc. acquired a new stake in IREN during the first quarter valued at $61,000. R Squared Ltd boosted its position in 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 purchasing an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after buying an additional 1,839 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.