IREN (NASDAQ:IREN) Shares Up 2.8% – Should You Buy?

Shares of IREN Limited (NASDAQ:IREN) were up 2.8% during trading on Monday . The stock traded as high as $66.50 and last traded at $65.33. Approximately 55,839,830 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 41,873,676 shares. The stock had previously closed at $63.54.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. B. Riley Financial upped their target price on shares of IREN from $83.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Canaccord Genuity Group reiterated a “buy” rating and set a $70.00 target price on shares of IREN in a research note on Tuesday, February 10th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Finally, HC Wainwright boosted their price target on IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average target price of $79.69.

IREN Stock Up 1.9%

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $23.80 billion, a price-to-earnings ratio of 138.75 and a beta of 4.22. The firm’s 50 day simple moving average is $48.17 and its 200-day simple moving average is $46.24.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, sell-side analysts anticipate that IREN Limited will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC increased its position in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new stake in shares of IREN in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN in the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC acquired a new position in IREN during the fourth quarter worth $28,000. Finally, Motco purchased a new position in IREN in the fourth quarter worth $30,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.