IREN (NASDAQ:IREN) Stock Price Up 10.1% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price traded up 10.1% during mid-day trading on Thursday . The stock traded as high as $58.10 and last traded at $58.06. 49,422,911 shares traded hands during mid-day trading, an increase of 20% from the average session volume of 41,142,504 shares. The stock had previously closed at $52.71.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a research note on Friday, February 6th. BTIG Research raised their price objective on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. HC Wainwright raised their price objective on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Freedom Capital raised IREN to a “hold” rating in a research note on Wednesday, April 1st. Finally, Weiss Ratings lowered IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and a consensus target price of $71.77.

IREN Price Performance

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 stock has a market capitalization of $20.75 billion, a P/E ratio of 120.96 and a beta of 4.17. The stock has a 50 day moving average of $45.02 and a 200-day moving average of $46.43.

IREN (NASDAQ:IREN) last issued its quarterly 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. On average, equities research analysts anticipate that IREN Limited will post -1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in IREN during the 3rd quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC raised its position in IREN by 88.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after purchasing an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC bought a new stake in IREN during the 3rd quarter valued at $2,995,000. Oppenheimer & Co. Inc. raised its position in IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after purchasing an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its position in IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after purchasing an additional 34,129 shares in the last quarter. 41.08% of the stock is owned by institutional investors.

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.