IREN (NASDAQ:IREN) Earns “Underweight” Rating from JPMorgan Chase & Co.

IREN (NASDAQ:IREN)‘s stock had its “underweight” rating restated by analysts at JPMorgan Chase & Co. in a research report issued on Friday, MarketBeat Ratings reports. They presently have a $24.00 target price on the stock, up from their prior target price of $16.00. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 42.67% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. B. Riley raised their price target on IREN from $22.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Jones Trading cut shares of IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald boosted their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, August 29th. Compass Point initiated coverage on shares of IREN in a report on Monday, September 15th. They issued a “buy” rating for the company. Finally, HC Wainwright lifted their price objective on shares of IREN from $21.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, August 29th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and a consensus target price of $43.08.

IREN Price Performance

NASDAQ IREN opened at $41.86 on Friday. The firm’s fifty day simple moving average is $25.37 and its two-hundred day simple moving average is $14.82. The firm has a market capitalization of $11.39 billion, a P/E ratio of 70.95 and a beta of 4.03. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN has a 12-month low of $5.13 and a 12-month high of $49.39.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping 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 firm had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. Analysts forecast that IREN 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 IREN 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 completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 21.55% of the company’s stock.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Crewe Advisors LLC acquired a new position in IREN in the first quarter valued at approximately $39,000. Quarry LP acquired a new position in shares of IREN in the 1st quarter valued at $40,000. Delta Financial Group Inc. acquired a new position in shares of IREN in the 1st quarter valued at $61,000. R Squared Ltd boosted its holdings in IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock worth $63,000 after buying an additional 6,480 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in 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 owned by institutional investors and hedge funds.

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.