IREN (NASDAQ:IREN) Trading 6.9% Higher – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price shot up 6.9% on Wednesday . The stock traded as high as $44.37 and last traded at $43.96. 59,489,667 shares traded hands during mid-day trading, an increase of 130% from the average session volume of 25,891,428 shares. The stock had previously closed at $41.12.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IREN. Compass Point restated a “buy” rating and set a $105.00 target price on shares of IREN in a research report on Friday, November 7th. Wall Street Zen upgraded IREN from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Citigroup began coverage on shares of IREN in a research report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. Finally, BTIG Research boosted their price target on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Thirteen 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.43.

IREN Stock Performance

The company has a market capitalization of $12.46 billion, a price-to-earnings ratio of 22.66 and a beta of 4.23. 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 stock has a 50-day moving average price of $55.17 and a 200-day moving average price of $31.26.

Insiders Place Their Bets

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

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Hood River Capital Management LLC purchased a new position in IREN in the 2nd quarter worth approximately $74,228,000. Situational Awareness LP purchased a new stake in shares of IREN during the first quarter worth about $20,500,000. Voloridge Investment Management LLC boosted its position in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after acquiring an additional 1,545,579 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of IREN by 247.7% during the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new position in IREN during the 2nd quarter valued at approximately $21,025,000. Institutional investors and hedge funds 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.