IREN (NASDAQ:IREN) Trading 5.7% Higher – Here’s Why

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. JMP Securities set a $80.00 target price on shares of IREN in a research report on Wednesday, November 19th. UBS Group reaffirmed a “buy” rating on shares of IREN in a research note on Friday, November 7th. Jones Trading cut shares of IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Compass Point reissued a “buy” rating and set a $105.00 price objective on shares of IREN in a report on Friday, November 7th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.

IREN Stock Up 5.7%

The firm has a market capitalization of $13.17 billion, a PE ratio of 23.94 and a beta of 4.23. The firm’s 50-day moving average is $55.11 and its 200 day moving average is $31.35. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

Insider Activity at IREN

In related 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.02% of the stock is owned by corporate insiders.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Centaurus Financial Inc. increased its position in IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after purchasing an additional 332 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of IREN during the 3rd quarter worth about $25,000. SLT Holdings LLC grew its holdings 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 buying an additional 600 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of IREN by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock valued at $1,174,000 after buying an additional 845 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.