IREN (NASDAQ:IREN) Shares Up 5.4% – What’s Next?

IREN Limited (NASDAQ:IREN) shares were up 5.4% during trading on Friday . The stock traded as high as $61.40 and last traded at $59.77. Approximately 45,023,366 shares changed hands during trading, an increase of 6% from the average daily volume of 42,578,113 shares. The stock had previously closed at $56.71.

Wall Street Analyst Weigh In

IREN has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. The Goldman Sachs Group set a $50.00 target price on IREN in a research report on Wednesday, May 27th. Freedom Capital upgraded IREN to a “hold” rating in a research report on Wednesday, April 1st. Sanford C. Bernstein set a $96.00 target price on IREN in a research report on Thursday, June 4th. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Up 5.4%

The firm has a fifty day moving average price of $51.48 and a 200-day moving average price of $46.89. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a market cap of $21.36 billion, a price-to-earnings ratio of 124.52 and a beta of 4.22.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.80 million for 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%. As a group, sell-side analysts forecast that IREN Limited will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Rathbones Group PLC increased its position in shares of IREN by 31.7% during the first quarter. Rathbones Group PLC now owns 26,321 shares of the company’s stock worth $902,000 after acquiring an additional 6,333 shares during the last quarter. Pine Valley Investments Ltd Liability Co increased its position in shares of IREN by 14.3% during the first quarter. Pine Valley Investments Ltd Liability Co now owns 30,560 shares of the company’s stock worth $1,048,000 after acquiring an additional 3,813 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of IREN by 5.7% during the first quarter. NewEdge Advisors LLC now owns 29,461 shares of the company’s stock worth $1,010,000 after buying an additional 1,588 shares in the last quarter. Western Wealth Management LLC grew its position in shares of IREN by 62.4% during the first 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 in the last quarter. Finally, Bank of America Corp DE grew its position in shares of IREN by 58.4% during the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after buying an additional 788,547 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.