IREN (NASDAQ:IREN) Stock Price Up 8.9% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price rose 8.9% on Monday . The stock traded as high as $59.67 and last traded at $59.19. Approximately 40,863,313 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 42,377,098 shares. The stock had previously closed at $54.35.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. BTIG Research upped their target price on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. The Goldman Sachs Group set a $50.00 target price on IREN in a report on Wednesday, May 27th. JPMorgan Chase & Co. upped their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Finally, Canaccord Genuity Group upped their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.62.

IREN Stock Performance

The firm has a 50 day moving average of $50.63 and a 200-day moving average of $46.73. The stock has a market capitalization of $18.41 billion, a PE ratio of 107.33 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Research analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently bought and sold shares of IREN. Invesco Ltd. lifted its stake in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares in the last quarter. StoneX Group Inc. purchased a new stake in IREN in the 2nd quarter worth about $158,000. NewEdge Advisors LLC lifted its stake in IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after acquiring an additional 30,736 shares in the last quarter. Sei Investments Co. purchased a new stake in IREN in the 2nd quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp lifted its stake in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after acquiring an additional 4,200 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other 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.