The Goldman Sachs Group Begins Coverage on IREN (NASDAQ:IREN)

Research analysts at The Goldman Sachs Group initiated coverage on shares of IREN (NASDAQ:IREN) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $39.00 price target on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 8.94% from the stock’s previous close.

IREN has been the topic of several other reports. Wall Street Zen raised IREN from a “sell” rating to a “hold” rating in a research report on Sunday, December 14th. Weiss Ratings reissued a “hold (c)” rating on shares of IREN in a report on Monday. Sanford C. Bernstein reissued an “outperform” rating and issued a $75.00 price objective on shares of IREN in a research note on Thursday, September 25th. Jones Trading cut IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Finally, UBS Group reiterated a “buy” rating on shares of IREN in a report on Friday, November 7th. Twelve research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.64.

IREN Stock Up 6.0%

NASDAQ:IREN opened at $35.80 on Thursday. The firm has a 50-day simple moving average of $52.81 and a two-hundred day simple moving average of $33.67. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The firm has a market cap of $10.15 billion, a P/E ratio of 18.45 and a beta of 4.23.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new position in IREN during the third quarter valued at $25,000. Quarry LP purchased a new position in shares of IREN during the 1st quarter worth about $40,000. Allianz SE bought a new position in IREN during the 3rd quarter valued at about $57,000. Sherman Asset Management Inc. purchased a new stake in IREN in the 3rd quarter worth about $59,000. Finally, Advisors Asset Management Inc. raised its position in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after purchasing an additional 1,839 shares during the period. 41.08% of the stock is 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.