IREN (NASDAQ:IREN) Trading Up 7.3% – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price rose 7.3% on Tuesday . The stock traded as high as $45.68 and last traded at $45.45. Approximately 36,695,365 shares changed hands during trading, a decline of 14% from the average daily volume of 42,753,734 shares. The stock had previously closed at $42.36.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IREN. Citizens Jmp set a $80.00 price target on IREN in a report on Wednesday, November 19th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research note on Friday, February 6th. Roth Mkm set a $94.00 price target on shares of IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. Cantor Fitzgerald reduced their price objective on shares of IREN to $82.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Finally, Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Price Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The company’s fifty day moving average price is $46.16 and its 200 day moving average price is $44.72. The firm has a market capitalization of $15.10 billion, a price-to-earnings ratio of 34.17 and a beta of 4.26.

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

Institutional Trading of IREN

Several hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. bought a new position in IREN in the 2nd quarter worth about $255,000. Y Intercept Hong Kong Ltd bought a new position in shares of IREN in the second quarter worth $6,877,000. Regal Partners Ltd increased its holdings in shares of IREN by 42.0% during the second quarter. Regal Partners Ltd now owns 820,308 shares of the company’s stock valued at $11,952,000 after purchasing an additional 242,602 shares during the period. X Square Capital LLC raised its stake in shares of IREN by 129.9% during the second quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after purchasing an additional 246,333 shares in the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in shares of IREN in the 2nd quarter worth approximately $379,000. 41.08% of the stock is currently owned by institutional investors.

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.