IREN (NASDAQ:IREN) Price Target Lowered to $61.00 at Cantor Fitzgerald

IREN (NASDAQ:IREN) had its target price cut by research analysts at Cantor Fitzgerald from $82.00 to $61.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 64.95% from the company’s current price.

Several other research analysts also recently commented on IREN. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price target for the company in a research note on Tuesday, January 13th. Wall Street Zen lowered IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Freedom Capital upgraded IREN to a “hold” rating in a research report on Wednesday, April 1st. Finally, Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $70.08.

IREN Price Performance

IREN traded up $0.15 during trading on Thursday, hitting $36.98. 9,730,231 shares of the stock traded hands, compared to its average volume of 37,775,020. IREN has a twelve month low of $5.24 and a twelve month high of $76.87. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 27.59 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The business has a 50 day moving average price of $41.55 and a 200 day moving average price of $47.60.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN’s revenue for the quarter was down 23.1% compared to the same quarter last year. Equities research analysts forecast that IREN will post 0.43 earnings per share for the current fiscal year.

Hedge Funds 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 position in shares of IREN in the third quarter worth approximately $1,854,000. Wealth Enhancement Advisory Services LLC increased its stake in IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after acquiring an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC bought a new position in IREN in the third quarter valued at $2,995,000. Beryl Capital Management LLC bought a new position in IREN in the second quarter valued at $5,828,000. Finally, Avaii Wealth Management LLC increased its stake in IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after acquiring an additional 98,581 shares during the last quarter. 41.08% of the stock is currently owned by 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.