IREN (NASDAQ:IREN) Sets New 12-Month High – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price hit a new 52-week high on Friday . The stock traded as high as $52.02 and last traded at $50.63, with a volume of 21360420 shares traded. The stock had previously closed at $47.02.

Analysts Set New Price Targets

A number of equities analysts recently commented on IREN shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IREN in a report on Saturday, September 27th. Arete Research started coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target for the company. BTIG Research lifted their price objective on IREN from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, September 9th. Canaccord Genuity Group increased 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, Arete began coverage on shares of IREN in a research note on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus target price of $47.73.

IREN Price Performance

The company has a market cap of $13.72 billion, a P/E ratio of 85.53 and a beta of 4.19. The firm’s 50-day moving average is $28.29 and its two-hundred day moving average is $16.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The business had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. Analysts anticipate that IREN Limited will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

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 transaction of $33,130,000.00. Following 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 sale was disclosed in a document filed with the SEC, which is available at this link. 21.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IREN

Large investors have recently modified their holdings of the stock. Crewe Advisors LLC purchased a new stake in IREN during the 1st quarter valued at $39,000. Quarry LP bought a new position in IREN during the first quarter valued at $40,000. Delta Financial Group Inc. purchased a new stake in shares of IREN in the first quarter valued at $61,000. R Squared Ltd raised its stake in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after acquiring an additional 6,480 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

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.