IREN (NASDAQ:IREN) Shares Gap Up - What's Next?
IREN Limited's shares gapped up, opening at $48.97 from a previous close of $45.83, and last traded at $52.94. Analysts have set price targets ranging from $69.36 to $86.00, with a consensus rating of "Moderate Buy." The company reported better-than-expected earnings and has a market cap of $13.78 billion. Insider selling and hedge fund activity are noted, with 41.08% of the stock owned by institutional investors.
IREN Limited (NASDAQ:IREN - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $45.83, but opened at $48.97. IREN shares last traded at $52.9420, with a volume of 14,074,260 shares.
Wall Street Analysts Forecast Growth
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A number of equities research analysts recently weighed in on IREN shares. JMP Securities set a $80.00 price objective on shares of IREN in a research report on Wednesday. UBS Group restated a "buy" rating on shares of IREN in a research note on Friday, November 7th. Macquarie increased their price target on IREN to $86.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 22nd. Citizens Jmp initiated coverage on IREN in a report on Wednesday. They issued a "market outperform" rating and a $80.00 price target on the stock. Finally, Jones Trading lowered IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $69.36.
Get Our Latest Report on IREN
IREN Stock Performance
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The company has a market cap of $13.78 billion, a P/E ratio of 24.99 and a beta of 4.21. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average price of $53.59 and a 200-day moving average price of $28.65.
IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The firm had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. Equities analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.
Insider Buying and Selling
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In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction that occurred on 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 directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by insiders.
Hedge Funds Weigh In On IREN
Hedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in IREN during the second quarter valued at about $6,877,000. Aurelius Capital Management LP acquired a new stake in IREN during the 1st quarter valued at $311,000. X Square Capital LLC lifted its holdings in shares of IREN by 129.9% in the second 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 in the last quarter. Balefire LLC purchased a new position in shares of IREN during the second quarter valued at $1,214,000. Finally, Hartline Investment Corp acquired a new position in IREN during the second quarter valued at $228,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.
About IREN
(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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