IREN (NASDAQ:IREN) Now Covered by Analysts at Citizens Jmp

Citizens Jmp assumed coverage on shares of IREN (NASDAQ:IREN) in a research note released on Wednesday morning, Marketbeat reports. The firm issued a market outperform rating and a $80.00 target price on the stock.

IREN has been the topic of a number of other research reports. Compass Point reissued a “buy” rating and issued a $105.00 target price on shares of IREN in a research note on Friday, November 7th. BTIG Research lifted their price objective on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Macquarie increased their target price on IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. UBS Group restated a “buy” rating on shares of IREN in a research report on Friday, November 7th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $75.00 price objective on shares of IREN in a report on Thursday, September 25th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Price Performance

Shares of NASDAQ:IREN opened at $45.83 on Wednesday. The business’s 50 day moving average is $53.59 and its 200-day moving average is $28.65. 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 capitalization of $12.99 billion, a PE ratio of 23.62 and a beta of 4.21. IREN has a 1-year low of $5.13 and a 1-year high of $76.87.

IREN (NASDAQ:IREN) last posted its quarterly earnings results 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 net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. Sell-side analysts predict that IREN will post 0.43 earnings per share for the current year.

Insider Activity

In related 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 value of $33,130,000.00. Following the completion of the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.02% of the stock is owned by company insiders.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC grew its stake in shares of IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the period. Global Retirement Partners LLC acquired a new position in IREN during the third quarter valued at approximately $25,000. SLT Holdings LLC grew its holdings in IREN by 6.0% during the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock valued at $497,000 after purchasing an additional 600 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in IREN by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock valued at $1,174,000 after purchasing an additional 845 shares in the last quarter. Finally, Drive Wealth Management LLC raised its holdings in IREN by 3.0% in the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock worth $596,000 after purchasing an additional 1,179 shares during the period. Institutional investors own 41.08% of the company’s stock.

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.