IREN (NASDAQ:IREN) Stock Price Up 3.1% on Analyst Upgrade

Shares of IREN Limited (NASDAQ:IREN) rose 3.1% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $36.76 and last traded at $36.59. Approximately 44,137,418 shares were traded during mid-day trading, an increase of 68% from the average daily volume of 26,230,000 shares. The stock had previously closed at $35.48.

IREN has been the topic of several other reports. Roth Capital set a $94.00 target price on shares of IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. JMP Securities set a $80.00 target price on shares of IREN in a research note on Wednesday, November 19th. Compass Point reissued a “buy” rating and set a $105.00 price target on shares of IREN in a research report on Friday, November 7th. JPMorgan Chase & Co. boosted their price objective on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. Finally, Canaccord Genuity Group upped their target price on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Twelve investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and a consensus price target of $67.64.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently made changes to their positions in IREN. Hood River Capital Management LLC acquired a new position in shares of IREN during the 2nd quarter valued at $74,228,000. Situational Awareness LP bought a new stake in IREN in the first quarter worth approximately $20,500,000. Voloridge Investment Management LLC raised its stake in shares of IREN by 1,444.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after acquiring an additional 1,545,579 shares in the last quarter. Marshall Wace LLP grew its position in shares of IREN by 247.7% in the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in IREN in the 2nd quarter valued at $21,025,000. Institutional investors own 41.08% of the company’s stock.

IREN Price Performance

The stock has a 50-day simple moving average of $52.81 and a 200 day simple moving average of $33.67. The company has a market cap of $10.15 billion, a P/E ratio of 18.45 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

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.