IREN (NASDAQ:IREN) Stock Price Up 4.7% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price shot up 4.7% on Thursday . The stock traded as high as $47.58 and last traded at $45.68. 33,748,129 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 34,541,883 shares. The stock had previously closed at $43.63.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of recent research reports. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. JPMorgan Chase & Co. boosted their price target on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. Arete Research initiated coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price on the stock. Sanford C. Bernstein reissued an “outperform” rating and issued a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Finally, BTIG Research lifted their price target on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Twelve equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and a consensus price target of $67.64.

IREN Stock Up 4.7%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a 50-day moving average of $47.31 and a two-hundred day moving average of $36.95. The company has a market cap of $12.95 billion, a P/E ratio of 23.55 and a beta of 4.25.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). The company had revenue of $240.30 million for the quarter, compared to analysts’ expectations of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. IREN’s quarterly revenue was up 28.3% on a year-over-year basis. On average, research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Centaurus Financial Inc. raised its position in IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after purchasing an additional 332 shares during the period. Larson Financial Group LLC boosted its holdings in shares of IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after acquiring an additional 335 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in IREN during the third quarter valued at $25,000. SLT Holdings LLC raised its stake in shares of IREN by 6.0% during the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock worth $497,000 after buying an additional 600 shares during the period. Finally, Aventura Private Wealth LLC acquired a new position in shares of IREN during the 4th quarter worth about $28,000. Institutional investors own 41.08% of the company’s stock.

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.