IREN Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Brokerages

IREN Limited (NASDAQ:IREN) has received an average rating of “Moderate Buy” from the nineteen brokerages that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, three have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $69.3571.

A number of analysts recently weighed in on IREN shares. Citigroup assumed coverage on shares of IREN in a report on Wednesday. They set an “outperform” rating on the stock. HC Wainwright increased their price objective on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, November 4th. Arete Research began coverage on IREN in a research note on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. B. Riley restated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Finally, UBS Group reaffirmed a “buy” rating on shares of IREN in a report on Friday, November 7th.

IREN Stock Performance

Shares of IREN opened at $42.26 on Friday. IREN has a 52-week low of $5.13 and a 52-week high of $76.87. The stock’s 50-day simple moving average is $53.96 and its 200 day simple moving average is $29.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a market capitalization of $11.98 billion, a price-to-earnings ratio of 21.78 and a beta of 4.21.

IREN (NASDAQ:IREN) last announced its quarterly 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 negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $187.51 million. Research analysts forecast that IREN will post 0.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction 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. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.02% of the stock is owned by corporate insiders.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Centaurus Financial Inc. grew its position in IREN by 1.1% in the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after acquiring an additional 332 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of IREN during the 3rd quarter valued at about $25,000. SLT Holdings LLC raised its holdings in shares of IREN by 6.0% during the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock valued at $497,000 after buying an additional 600 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in IREN by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock worth $1,174,000 after buying an additional 845 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.