IREN Limited (NASDAQ:IREN) Given Consensus Recommendation of “Hold” by Analysts

IREN Limited (NASDAQ:IREN) has earned a consensus recommendation of “Hold” from the sixteen research firms that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $55.2727.

A number of equities research analysts recently commented on IREN shares. Arete Research started coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. BTIG Research increased their target price on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Compass Point began coverage on IREN in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Roth Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of IREN in a report on Friday, August 29th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of IREN in a report on Wednesday, October 8th.

IREN Stock Performance

Shares of IREN opened at $60.75 on Tuesday. The stock has a market capitalization of $16.52 billion, a P/E ratio of 102.97 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. IREN has a 1 year low of $5.13 and a 1 year high of $74.15. The company’s fifty day moving average is $45.46 and its two-hundred day moving average is $23.95.

IREN (NASDAQ:IREN) last released its earnings results 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 net margin of 33.03% and a return on equity of 1.34%. The company had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. On average, sell-side analysts predict that IREN will post 0.43 earnings per share for the current year.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were 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 owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC acquired a new stake in shares of IREN during the 2nd quarter valued at approximately $74,228,000. Situational Awareness LP purchased a new position in IREN in the 1st quarter valued at approximately $20,500,000. Merewether Investment Management LP acquired a new position in IREN during the second quarter worth $21,025,000. Alkeon Capital Management LLC acquired a new position in IREN during the second quarter worth $14,570,000. Finally, Invesco Ltd. boosted its position in IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares in the last quarter. 41.08% of the stock is currently 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.