IREN (NASDAQ:IREN) Trading Up 10.4% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price was up 10.4% on Wednesday . The stock traded as high as $53.12 and last traded at $52.71. Approximately 43,003,901 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 41,088,090 shares. The stock had previously closed at $47.74.

Analysts Set New Price Targets

IREN has been the subject of a number of research reports. BTIG Research lifted their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $44.00 price objective on shares of IREN in a report on Friday, May 8th. JPMorgan Chase & Co. boosted their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $70.00 target price on shares of IREN in a research report on Tuesday, February 10th. Finally, Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, four 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 target price of $71.77.

IREN Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market capitalization of $20.29 billion, a P/E ratio of 117.48 and a beta of 4.17. The stock’s fifty day moving average is $45.42 and its 200-day moving average is $46.41.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, equities analysts anticipate that IREN Limited will post -1.09 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Western Wealth Management LLC boosted its holdings in shares of IREN by 62.4% during the 1st quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock worth $307,000 after buying an additional 3,443 shares during the period. Bank of America Corp DE raised its holdings in IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after acquiring an additional 788,547 shares during the period. Janus Henderson Group PLC lifted its position in IREN by 439.4% during the 1st quarter. Janus Henderson Group PLC now owns 34,495 shares of the company’s stock worth $1,182,000 after acquiring an additional 28,100 shares during the last quarter. Amundi lifted its position in IREN by 3,865.8% during the 1st quarter. Amundi now owns 845,113 shares of the company’s stock worth $28,970,000 after acquiring an additional 823,803 shares during the last quarter. Finally, Situational Awareness LP boosted its holdings in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after acquiring an additional 2,998,214 shares during the period. Institutional investors and hedge funds 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.