IREN (NASDAQ:IREN) Shares Gap Up - What's Next?

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $45.83, but opened at $48.97. IREN shares last traded at $52.9420, with a volume of 14,074,260 shares.Wall Street Analysts Forecast Growth3 Speculative Stocks to Sell Before the Bottom Drops OutA number of equities research analysts recently weighed in on IREN shares. JMP Securities set a $80.00 price objective on shares of IREN in a research report on Wednesday. UBS Group restated a "buy" rating on shares of IREN in a research note on Friday, November 7th. Macquarie increased their price target on IREN to $86.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 22nd. Citizens Jmp initiated coverage on IREN in a report on Wednesday. They issued a "market outperform" rating and a $80.00 price target on the stock. Finally, Jones Trading lowered IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Thirteen 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $69.36.Get Our Latest Report on IRENIREN Stock PerformanceMarketBeat Week in Review – 11/10 - 11/14The company has a market cap of $13.78 billion, a P/E ratio of 24.99 and a beta of 4.21. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average price of $53.59 and a 200-day moving average price of $28.65. IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The firm had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. Equities analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year. Insider Buying and SellingMicrosoft and IREN’s $9.7B AI Deal Could Spark MSFT Stock RallyIn other IREN 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 completion of the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by insiders. Hedge Funds Weigh In On IRENHedge funds have recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in IREN during the second quarter valued at about $6,877,000. Aurelius Capital Management LP acquired a new stake in IREN during the 1st quarter valued at $311,000. X Square Capital LLC lifted its holdings in shares of IREN by 129.9% in the second quarter. X Square Capital LLC now owns 435,951 shares of the company's stock valued at $6,352,000 after purchasing an additional 246,333 shares in the last quarter. Balefire LLC purchased a new position in shares of IREN during the second quarter valued at $1,214,000. Finally, Hartline Investment Corp acquired a new position in IREN during the second quarter valued at $228,000. 41.08% of the stock is currently owned by institutional investors and hedge funds. About IREN (Get Free Report)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. Further ReadingFive stocks we like better than IRENHow to Calculate Options ProfitsLowe’s Stock Price Signals a Buying Opportunity After Q3 Release3 Monster Growth Stocks to Buy NowNVIDIA Just Proved the AI Boom Is Bigger Than Anyone ThoughtWant to Profit on the Downtrend? Downtrends, Explained.Why Target Stock May Keep Falling Despite a 5% Dividend Yield This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in IREN Right Now?Before you consider IREN, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IREN wasn't on the list.While IREN currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here