IREN (NASDAQ:IREN) Trading Up 14.6% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) traded up 14.6% during trading on Tuesday . The stock traded as high as $60.00 and last traded at $59.99. 54,093,356 shares changed hands during mid-day trading, an increase of 25% from the average session volume of 43,204,656 shares. The stock had previously closed at $52.36.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IREN shares. Roth Mkm set a $94.00 price objective on IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. The Goldman Sachs Group initiated coverage on IREN in a research note on Thursday, December 18th. They set a “neutral” rating and a $39.00 target price for the company. Macquarie increased their price target on IREN to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, UBS Group reissued a “buy” rating on shares of IREN in a research report on Friday, November 7th. Thirteen research 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $69.36.

IREN Stock Up 14.6%

The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market cap of $17.01 billion, a PE ratio of 30.92 and a beta of 4.25. The firm has a fifty day moving average of $45.50 and a 200 day moving average of $40.56.

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

Institutional Trading of IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in shares of IREN in the 3rd quarter valued at $25,000. Miller Wealth Advisors LLC boosted its stake in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares in the last quarter. Aventura Private Wealth LLC acquired a new position in IREN in the fourth quarter valued at $28,000. Albion Financial Group UT purchased a new position in shares of IREN during the fourth quarter worth about $38,000. Finally, Legacy Bridge LLC acquired a new stake in shares of IREN during the fourth quarter worth about $51,000. Institutional investors and hedge funds 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.