Canaccord Genuity Group Forecasts Strong Price Appreciation for IREN (NASDAQ:IREN) Stock

IREN (NASDAQ:IREN) had its price objective upped by investment analysts at Canaccord Genuity Group from $42.00 to $70.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 21.99% from the stock’s previous close.

A number of other equities analysts also recently commented on IREN. Macquarie lifted their target price on IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Arete initiated coverage on IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target on the stock. Zacks Research downgraded IREN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Compass Point reaffirmed a “buy” rating and issued a $105.00 target price on shares of IREN in a research report on Friday. Finally, HC Wainwright raised their target price on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research note on Tuesday, November 4th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, IREN currently has an average rating of “Hold” and an average price target of $67.58.

IREN Price Performance

Shares of IREN opened at $57.38 on Monday. IREN has a 52 week low of $5.13 and a 52 week high of $76.87. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a market cap of $15.61 billion, a price-to-earnings ratio of 29.58 and a beta of 4.21. The stock has a 50 day moving average of $51.14 and a 200-day moving average of $27.01.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. As a group, analysts forecast that IREN will post 0.43 EPS for the current year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’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 sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.02% of the stock is owned by insiders.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in shares of IREN in the third quarter worth about $25,000. Sherman Asset Management Inc. purchased a new stake in IREN in the 3rd quarter worth approximately $59,000. Vermillion Wealth Management Inc. purchased a new stake in IREN in the 3rd quarter worth approximately $74,000. Avalon Trust Co bought a new stake in shares of IREN in the 3rd quarter worth approximately $115,000. Finally, CWM LLC bought a new stake in shares of IREN in the 3rd quarter worth approximately $165,000. 41.08% of the stock is owned by 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.