IREN (NASDAQ:IREN) Stock Price Up 5.7% – Should You Buy?

by · The Cerbat Gem

IREN Limited (NASDAQ:IREN – Get Free Report) shares traded up 5.7% during mid-day trading on Thursday . The company traded as high as $46.83 and last traded at $46.45. 35,565,551 shares traded hands during mid-day trading, an increase of 37% from the average session volume of 25,932,980 shares. The stock had previously closed at $43.96.

Analyst Upgrades and Downgrades

Several equities analysts have commented on IREN shares. Compass Point reiterated a “buy” rating and issued a $105.00 price target on shares of IREN in a research note on Friday, November 7th. Arete assumed coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price for the company. B. Riley reiterated a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Roth Capital set a $94.00 price target on shares of IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of IREN in a research note on Monday. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $70.43.

Get Our Latest Research Report on IREN

IREN Price Performance

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 company has a market capitalization of $13.17 billion, a PE ratio of 23.94 and a beta of 4.23. The company’s 50-day simple moving average is $55.11 and its 200-day simple moving average is $31.35.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s 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 transaction, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.02% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE purchased a new position in IREN during the 1st quarter worth $69,000. Evolution Wealth Advisors LLC boosted its holdings in shares of IREN by 61.3% in the first quarter. Evolution Wealth Advisors LLC now owns 77,220 shares of the company’s stock valued at $470,000 after acquiring an additional 29,340 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of IREN by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock worth $4,927,000 after acquiring an additional 98,190 shares during the period. Chicago Partners Investment Group LLC raised its holdings in IREN by 19.4% during the first quarter. Chicago Partners Investment Group LLC now owns 66,016 shares of the company’s stock worth $434,000 after purchasing an additional 10,722 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in IREN by 331.7% in the first quarter. Headlands Technologies LLC now owns 108,198 shares of the company’s stock valued at $659,000 after purchasing an additional 83,135 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Company Profile

(Get Free Report)

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.

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