IREN (NASDAQ:IREN) Trading 10.1% Higher – What’s Next?

IREN Limited (NASDAQ:IREN) shares traded up 10.1% on Wednesday . The company traded as high as $42.61 and last traded at $41.98. 38,765,651 shares were traded during mid-day trading, a decline of 6% from the average session volume of 41,027,699 shares. The stock had previously closed at $38.12.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Zacks Research upgraded shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. JPMorgan Chase & Co. lifted 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. Citizens Jmp set a $80.00 price objective on IREN in a research report on Wednesday, November 19th. Citigroup began coverage on IREN in a research report on Wednesday, November 19th. They set an “outperform” rating on the stock. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.69.

IREN Stock Up 0.5%

The firm’s 50 day simple moving average is $46.72 and its 200-day simple moving average is $46.36. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 31.26 and a beta of 4.31. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

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

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Hood River Capital Management LLC purchased a new position in shares of IREN during the second quarter worth approximately $74,228,000. Marex Group plc raised its position in IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after purchasing an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in IREN during the 4th quarter worth $158,677,000. Clear Street Group Inc. acquired a new stake in IREN during the 4th quarter worth $137,075,000. Finally, Situational Awareness LP grew its position in IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.