IREN (NASDAQ:IREN) Shares Up 2.7% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price traded up 2.7% during trading on Tuesday . The company traded as high as $42.68 and last traded at $41.29. Approximately 50,634,782 shares were traded during trading, an increase of 20% from the average daily volume of 42,364,379 shares. The stock had previously closed at $40.20.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed $2.8 billion in new AI cloud contracts, which materially improves long-term revenue visibility and supports a higher valuation. Article Title
• Positive Sentiment: The company raised its year-end AI cloud ARR target to over $4 billion, reinforcing the strength of its AI pivot and growth outlook. Article Title
• Positive Sentiment: Reports highlighted customer prepayments and large counterparties such as Microsoft and NVIDIA, which reduce financing risk and validate IREN’s infrastructure platform. Article Title
• Positive Sentiment: Canaccord Genuity reaffirmed its buy rating and set a $79 price target, signaling continued analyst confidence after the contract news. Article Title

Wall Street Analyst Weigh In

Several analysts have recently weighed in on IREN shares. Citigroup reaffirmed a “market outperform” rating on shares of IREN in a report on Tuesday. B. Riley Financial increased their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Needham & Company LLC restated a “hold” rating on shares of IREN in a research report on Tuesday. Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group reissued a “neutral” rating on shares of IREN in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Price Performance

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 stock’s fifty day moving average price is $51.94 and its 200-day moving average price is $47.64. The firm has a market cap of $14.76 billion, a PE ratio of 86.02 and a beta of 4.27.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.79 million for the quarter, compared to analysts’ expectations of $219.69 million. As a group, equities analysts forecast that IREN Limited will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the company. Marex Group plc increased its holdings in IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of IREN in the fourth quarter valued at approximately $158,677,000. Clear Street Group Inc. purchased a new position in shares of IREN during the 4th quarter worth approximately $137,075,000. Situational Awareness LP increased its stake in shares of IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd raised its position in shares of IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after purchasing an additional 2,614,835 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.