IREN (NASDAQ:IREN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

IREN (NASDAQ:IREN) had its price objective lifted by research analysts at Canaccord Genuity Group from $42.00 to $70.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 12.22% from the company’s previous close.

IREN has been the subject of several other research reports. Roth Capital set a $94.00 target price on shares of IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Macquarie raised their price target on IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Jones Trading cut IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Sanford C. Bernstein reissued an “outperform” rating and set a $75.00 target price on shares of IREN in a research note on Thursday, September 25th. Finally, HC Wainwright raised their target price on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a report on Tuesday, November 4th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $67.58.

IREN Stock Down 6.8%

Shares of IREN opened at $62.38 on Monday. The company’s 50-day moving average price is $49.90 and its 200 day moving average price is $26.27. IREN has a 12-month low of $5.13 and a 12-month high of $76.87. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a market cap of $16.97 billion, a P/E ratio of 32.15 and a beta of 4.21.

IREN (NASDAQ:IREN) last announced its earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48). The company had revenue of $240.30 million for the quarter, compared to analysts’ expectations of $244.60 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm’s revenue was up 28.3% compared to the same quarter last year. On average, sell-side analysts forecast that IREN 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 dated 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 owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in shares of IREN during the third quarter worth approximately $25,000. Quarry LP acquired a new position in IREN during the 1st quarter worth approximately $40,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN in the 3rd quarter valued at approximately $59,000. Delta Financial Group Inc. purchased a new stake in shares of IREN in the 1st quarter valued at approximately $61,000. Finally, R Squared Ltd raised its holdings in shares of IREN by 170.1% in the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after purchasing an additional 6,480 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.