IREN (NASDAQ:IREN) Trading 2.8% Higher – What’s Next?

IREN Limited (NASDAQ:IREN) rose 2.8% during trading on Tuesday . The stock traded as high as $42.24 and last traded at $40.85. 39,412,050 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 42,870,965 shares. The stock had previously closed at $39.75.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on IREN shares. Canaccord Genuity Group reiterated a “buy” rating and set a $79.00 price objective on shares of IREN in a research report on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of IREN in a research report on Monday, July 20th. Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Jefferies Financial Group began coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price target for the company. Finally, HC Wainwright upped their target price on shares of IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a 50-day moving average price of $47.56 and a 200 day moving average price of $46.92. The firm has a market cap of $13.56 billion, a price-to-earnings ratio of 79.02 and a beta of 4.29.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts forecast that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. North Star Investment Management Corp. acquired a new stake in IREN in the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new position in shares of IREN during the 4th quarter worth approximately $27,000. Motco purchased a new stake in shares of IREN in the fourth quarter valued at $30,000. GAMMA Investing LLC boosted its stake in shares of IREN by 177.5% during the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after purchasing an additional 442 shares during the last quarter. Finally, Purpose Unlimited Inc. purchased a new stake in IREN in the 4th quarter worth approximately $34,000. 41.08% of the stock is currently 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.