IREN (NASDAQ:IREN) Shares Climb 9% – Time to Buy?

IREN Limited (NASDAQ:IREN) shares were up 9% on Tuesday. The stock traded as high as $24.02 and last traded at $24.0080. 9,894,001 shares changed hands during trading, a decline of 77% from the average session volume of 43,466,371 shares. The stock had previously closed at $22.02.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IREN. BTIG Research reiterated a “buy” rating and issued a $80.00 target price on shares of IREN in a research note on Monday, September 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $99.00 price target on shares of IREN in a research note on Friday, August 28th. JPMorgan Chase & Co. raised IREN from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $46.00 to $65.00 in a research note on Monday, September 14th. Rothschild & Co Redburn assumed coverage on shares of IREN in a report on Monday, September 21st. They set a “neutral” rating and a $40.00 price target on the stock. Finally, Northland Securities assumed coverage on IREN in a research note on Friday, September 18th. They set an “outperform” rating and a $99.00 price target for the company. 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 one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average target price of $77.69.

IREN Trading Up 8.6%

The company’s 50 day simple moving average is $37.39 and its two-hundred day simple moving average is $44.26. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of -10.16 and a beta of 4.26.

Institutional Trading of IREN

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its stake in shares of IREN by 4.4% during the second quarter. Allworth Financial LP now owns 7,162 shares of the company’s stock worth $328,000 after purchasing an additional 305 shares in the last quarter. Versant Capital Management Inc raised its stake in IREN by 14.5% during the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock valued at $115,000 after acquiring an additional 317 shares during the last quarter. Hollencrest Capital Management lifted its stake in shares of IREN by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after acquiring an additional 350 shares during the period. WealthPlan Investment Management LLC increased its position in IREN by 3.7% during the 3rd quarter. WealthPlan Investment Management LLC now owns 11,190 shares of the company’s stock worth $457,000 after purchasing an additional 404 shares during the period. Finally, Ascent Wealth Partners LLC boosted its position in shares of IREN by 2.6% during the 3rd quarter. Ascent Wealth Partners LLC now owns 15,866 shares of the company’s stock worth $649,000 after purchasing an additional 404 shares in 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, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN’s operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.