IREN (NASDAQ:IREN) Shares Gap Up – Still a Buy?

IREN Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $47.47, but opened at $49.38. IREN shares last traded at $47.4950, with a volume of 6,079,166 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IREN. Roth Capital set a $94.00 price objective on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Citizens Jmp initiated coverage on IREN in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 price target on the stock. Wall Street Zen raised shares of IREN from a “sell” rating to a “hold” rating in a report on Sunday. Macquarie boosted their price objective on shares of IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of IREN in a report on Monday. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and an average price target of $70.43.

IREN Trading Down 0.1%

The stock has a market cap of $13.45 billion, a PE ratio of 24.43 and a beta of 4.21. 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 fifty day simple moving average of $54.41 and a two-hundred day simple moving average of $29.89.

IREN (NASDAQ:IREN) last issued 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. The company had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. As a group, equities analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction on 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 transaction, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.02% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE bought a new position in IREN in the first quarter valued at $69,000. R Squared Ltd increased its position in shares of IREN by 170.1% during 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 during the last quarter. Delta Financial Group Inc. purchased a new position in shares of IREN during the 1st quarter valued at about $61,000. Evolution Wealth Advisors LLC lifted its position in IREN by 61.3% in the 1st quarter. Evolution Wealth Advisors LLC now owns 77,220 shares of the company’s stock worth $470,000 after buying an additional 29,340 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in IREN by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock worth $4,927,000 after buying an additional 98,190 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.