IREN (NASDAQ:IREN) Shares Up 19.6% – Here’s What Happened

IREN Limited (NASDAQ:IREN) rose 19.6% during trading on Monday . The stock traded as high as $41.10 and last traded at $40.20. Approximately 90,324,577 shares changed hands during trading, an increase of 113% from the average daily volume of 42,315,984 shares. The stock had previously closed at $33.62.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed $2.8 billion in new AI cloud contracts with leading developers, including customers tied to Microsoft and NVIDIA, signaling strong demand for its compute capacity. Article Title
• Positive Sentiment: The company raised its year-end AI cloud annualized run-rate revenue target to more than $4 billion, with about 85% now under contract, improving confidence in future growth. Article Title
• Positive Sentiment: Large customer prepayments tied to GPU and infrastructure buildout help ease capital expenditure concerns and support the balance sheet as IREN expands its AI cloud footprint. Article Title
• Neutral Sentiment: Some commentary notes that IREN had fallen sharply over the past month before this announcement, so the rally may also reflect a rebound from oversold levels. Article Title
• Negative Sentiment: Longer-term execution risks remain around power availability, interconnection delays, and the heavy capital needed to scale data center capacity. Article Title

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IREN shares. Canaccord Genuity Group raised their price objective on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. BTIG Research raised their target price on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. B. Riley Financial boosted their target price on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group assumed coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Price Performance

The stock has a 50-day moving average price of $52.24 and a 200 day moving average price of $47.62. 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 firm has a market cap of $14.37 billion, a price-to-earnings ratio of 83.75 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds have recently modified their holdings of the business. Miller Wealth Advisors LLC increased its holdings in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. acquired a new stake in IREN during the 4th quarter worth $26,000. Clearstead Trust LLC acquired a new stake in IREN during the 4th quarter worth $27,000. Aventura Private Wealth LLC purchased a new position in IREN during the 4th quarter worth $28,000. Finally, Motco acquired a new position in IREN in the fourth quarter valued at $30,000. 41.08% of the stock is currently 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.