IREN (NASDAQ:IREN) Price Target Raised to $55.00 at Macquarie

IREN (NASDAQ:IREN) had its price objective hoisted by Macquarie from $33.00 to $55.00 in a report issued on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the company. BTIG Research increased their target price on IREN from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Wall Street Zen upgraded IREN from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Cantor Fitzgerald boosted their target price on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Arete Research assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. Finally, Roth Capital reissued a “buy” rating and set a $35.00 price target on shares of IREN in a research report on Friday, August 29th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.92.

IREN Stock Up 9.7%

Shares of NASDAQ IREN opened at $45.93 on Monday. 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. The firm has a market capitalization of $12.49 billion, a PE ratio of 77.85 and a beta of 4.03. The firm has a fifty day simple moving average of $25.93 and a two-hundred day simple moving average of $15.15.

IREN (NASDAQ:IREN) last announced its 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 net margin of 33.03% and a return on equity of 1.34%. The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. Equities analysts expect that IREN will post 0.43 earnings per share for the current year.

Insider Buying and Selling at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the company’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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Crewe Advisors LLC purchased a new stake in shares of IREN during the first quarter valued at approximately $39,000. Quarry LP bought a new position in IREN in the 1st quarter valued at approximately $40,000. Delta Financial Group Inc. purchased a new stake in IREN during the 1st quarter valued at $61,000. R Squared Ltd increased its holdings in shares of IREN by 170.1% in the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock worth $63,000 after purchasing an additional 6,480 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake 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 purchasing an additional 1,839 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.