IREN (NASDAQ:IREN) Given New $32.00 Price Target at BTIG Research

IREN (NASDAQ:IREN) had its price objective boosted by BTIG Research from $22.00 to $32.00 in a report released on Tuesday morning, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Several other research firms have also commented on IREN. Jones Trading lowered IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Canaccord Genuity Group upped their price objective on IREN from $23.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Cantor Fitzgerald upped their target price on IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, August 29th. Wall Street Zen raised IREN from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, B. Riley upped their target price on IREN from $22.00 to $29.00 and gave the stock a “buy” rating in a research note on Friday, August 29th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

IREN Trading Down 2.3%

IREN stock opened at $32.85 on Tuesday. 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 has a 12 month low of $5.13 and a 12 month high of $33.76. The stock’s 50 day simple moving average is $20.35 and its two-hundred day simple moving average is $12.33. The firm has a market cap of $8.93 billion, a PE ratio of 55.68 and a beta of 4.03.

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

Insider Buying and Selling at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction 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 directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.55% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IREN. Bank of America Corp DE raised its stake in IREN by 46.5% in the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company’s stock valued at $1,834,000 after purchasing an additional 59,250 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in IREN in the 4th quarter valued at $7,162,000. Lighthouse Investment Partners LLC acquired a new position in IREN in the 4th quarter valued at $923,000. Lazard Asset Management LLC raised its stake in IREN by 77,314.0% in the 4th quarter. Lazard Asset Management LLC now owns 77,414 shares of the company’s stock valued at $760,000 after purchasing an additional 77,314 shares during the last quarter. Finally, Main Management LLC acquired a new position in IREN in the 4th quarter valued at $49,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.