Macquarie Forecasts Strong Price Appreciation for IREN (NASDAQ:IREN) Stock

IREN (NASDAQ:IREN) had its price target lifted by equities researchers at Macquarie to $86.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 36.72% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Arete assumed coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price for the company. HC Wainwright lifted their target price on shares of IREN from $21.00 to $36.00 and gave the company a “buy” rating in a report on Friday, August 29th. Arete Research initiated coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target for the company. Wall Street Zen raised shares of IREN from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, Compass Point started coverage on shares of IREN in a research report on Monday, September 15th. They set a “buy” rating for the company. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $54.45.

IREN Trading Up 12.6%

IREN stock traded up $7.04 during trading on Wednesday, hitting $62.90. The company had a trading volume of 37,245,428 shares, compared to its average volume of 23,827,221. IREN has a 1-year low of $5.13 and a 1-year high of $74.15. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The company’s 50 day simple moving average is $40.46 and its 200-day simple moving average is $21.38. The stock has a market cap of $17.11 billion, a price-to-earnings ratio of 106.61 and a beta of 4.19.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $187.51 million. As a group, analysts expect that IREN will post 0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business’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 completion of the sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IREN

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aurelius Capital Management LP purchased a new stake in IREN in the first quarter valued at $311,000. Balefire LLC purchased a new stake in IREN in the second quarter valued at $1,214,000. Hartline Investment Corp purchased a new stake in IREN in the second quarter valued at $228,000. Maridea Wealth Management LLC lifted its position in IREN by 57.1% in the first quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company’s stock valued at $1,950,000 after acquiring an additional 116,408 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in IREN by 14.4% in the second quarter. Chicago Partners Investment Group LLC now owns 75,508 shares of the company’s stock valued at $1,100,000 after purchasing an additional 9,492 shares during the period. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.