IREN (NASDAQ:IREN) Reaches New 52-Week High Following Analyst Upgrade

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) hit a new 52-week high during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $100.00 to $142.00. Cantor Fitzgerald currently has an overweight rating on the stock. IREN traded as high as $75.73 and last traded at $72.5630, with a volume of 18915148 shares trading hands. The stock had previously closed at $60.75.

• 3 of the Most Overbought Stocks in the Market Right Now

A number of other brokerages have also recently commented on IREN. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $24.00 price target (up from $16.00) on shares of IREN in a research note on Friday, September 26th. Compass Point assumed coverage on shares of IREN in a research note on Monday, September 15th. They set a "buy" rating for the company. Roth Capital restated a "buy" rating and set a $35.00 target price on shares of IREN in a report on Friday, August 29th. Canaccord Genuity Group boosted their target price on shares of IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Finally, Macquarie lifted their price objective on shares of IREN to $86.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 22nd. Ten 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, the stock presently has an average rating of "Hold" and a consensus price target of $64.45.

Get Our Latest Stock Report on IREN

Insider Buying and Selling

• How IREN is Building an AI Powerhouse on a Bitcoin Foundation

In other 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 transaction, the chief executive officer owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.02% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IREN. Global Retirement Partners LLC bought a new stake in IREN in the third quarter valued at approximately $25,000. SLT Holdings LLC raised its position in shares of IREN by 6.0% during the third quarter. SLT Holdings LLC now owns 10,600 shares of the company's stock worth $497,000 after purchasing an additional 600 shares during the period. Drive Wealth Management LLC raised its position in shares of IREN by 3.0% during the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company's stock worth $596,000 after purchasing an additional 1,179 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in IREN by 5.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,393 shares of the company's stock valued at $1,051,000 after buying an additional 1,233 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in IREN by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock valued at $80,000 after buying an additional 1,387 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Price Performance

• IREN Is Up 186% YTD on AI Pivot—And It’s Just Getting Started

The firm has a market capitalization of $19.45 billion, a PE ratio of 121.86 and a beta of 4.21. The business has a 50-day moving average of $45.46 and a 200 day moving average of $24.08. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53.

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 the consensus estimate 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 return on equity of 1.34% and a net margin of 33.03%. As a group, research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

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.

See Also

• Five stocks we like better than IREN
• Uptrend Stocks Explained: Learn How to Trade Using Uptrends
• Boeing Closes in on Airbus With Best Delivery Quarter Since 2018
• The 3 Best Retail Stocks to Shop for in August
• Put It on My Card: Why Luxury Brands and Payments Firms Pair Well
• Most active stocks: Dollar volume vs share volume
• 3 Safe and Steady Stocks for Any Market

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in IREN Right Now?

Before you consider IREN, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IREN wasn't on the list.

While IREN currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here