IREN (NASDAQ:IREN) Stock Price Up 8.8% – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price rose 8.8% during mid-day trading on Monday . The company traded as high as $59.67 and last traded at $59.1580. Approximately 29,560,874 shares traded hands during trading, a decline of 30% from the average daily volume of 42,265,914 shares. The stock had previously closed at $54.35.

Analyst Upgrades and Downgrades

IREN has been the topic of a number of research analyst reports. B. Riley Financial increased their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. BTIG Research increased their target price on IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Trading Up 8.9%

The business has a fifty day moving average of $49.82 and a 200-day moving average of $46.60. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a market capitalization of $21.15 billion, a P/E ratio of 123.31 and a beta of 4.22.

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

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently bought and sold shares of IREN. Invesco Ltd. raised its position in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after buying an additional 936,333 shares during the last quarter. StoneX Group Inc. purchased a new stake in IREN in the 2nd quarter valued at $158,000. NewEdge Advisors LLC raised its position in IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after buying an additional 30,736 shares during the last quarter. Sei Investments Co. purchased a new stake in IREN in the 2nd quarter valued at $2,333,000. Finally, Peapack Gladstone Financial Corp raised its position in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.