IREN (NASDAQ:IREN) Research Coverage Started at Citizens Jmp

Citizens Jmp started coverage on shares of IREN (NASDAQ:IREN) in a report published on Wednesday, Marketbeat.com reports. The brokerage issued a market outperform rating and a $80.00 target price on the stock.

A number of other equities analysts have also recently issued reports on IREN. Compass Point restated a “buy” rating and set a $105.00 price objective on shares of IREN in a report on Friday, November 7th. Arete initiated coverage on shares of IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. B. Riley reissued a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Wall Street Zen downgraded shares of IREN from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Macquarie raised their price target on shares of IREN to $86.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the 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 Trading Down 2.8%

Shares of NASDAQ IREN opened at $42.26 on Wednesday. The stock has a market capitalization of $11.98 billion, a P/E ratio of 21.78 and a beta of 4.21. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The business’s 50 day moving average is $53.96 and its two-hundred day moving average is $29.00. IREN has a 1-year low of $5.13 and a 1-year high of $76.87.

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

Insider Buying and Selling

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of IREN in the 2nd quarter valued at about $6,877,000. Aurelius Capital Management LP acquired a new position in shares of IREN during the 1st quarter worth approximately $311,000. X Square Capital LLC lifted its position in shares of IREN by 129.9% during the 2nd quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after buying an additional 246,333 shares in the last quarter. Balefire LLC acquired a new stake in IREN in the 2nd quarter valued at $1,214,000. Finally, Hartline Investment Corp purchased a new stake in shares of IREN during the second quarter worth about $228,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.