IREN (NASDAQ:IREN) Price Target Raised to $70.00

IREN (NASDAQ:IREN) had its target price upped by Canaccord Genuity Group from $42.00 to $70.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently commented on IREN. Arete Research began coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $24.00 price target (up previously from $16.00) on shares of IREN in a research note on Friday, September 26th. B. Riley reaffirmed a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. HC Wainwright lifted their target price on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research report on Tuesday, November 4th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of IREN in a research report on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, IREN presently has an average rating of “Hold” and a consensus price target of $67.58.

IREN Stock Down 2.9%

IREN opened at $55.70 on Monday. The company has a fifty day moving average of $51.69 and a two-hundred day moving average of $27.21. The stock has a market capitalization of $15.15 billion, a price-to-earnings ratio of 28.71 and a beta of 4.21. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates 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. On average, research analysts expect that IREN will post 0.43 earnings per share for the current year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’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 directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.02% of the stock is owned by insiders.

Institutional Trading of IREN

A number of hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd acquired a new position in IREN in the second quarter valued at approximately $6,877,000. Aurelius Capital Management LP purchased a new stake in IREN in the first quarter valued at $311,000. X Square Capital LLC lifted its stake in shares of IREN by 129.9% in the 2nd quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after purchasing an additional 246,333 shares during the last quarter. Balefire LLC acquired a new position in shares of IREN in the 2nd quarter valued at $1,214,000. Finally, Hartline Investment Corp purchased a new position in shares of IREN during the 2nd quarter worth $228,000. Institutional investors and hedge funds 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.