IREN (NASDAQ:IREN) Trading Up 8.7% – Still a Buy?

IREN Limited (NASDAQ:IREN) shares rose 8.7% on Friday . The stock traded as high as $41.30 and last traded at $41.23. 30,848,709 shares traded hands during trading, a decline of 28% from the average daily volume of 42,647,504 shares. The stock had previously closed at $37.93.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IREN shares. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a report on Thursday, June 4th. Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. raised their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. HC Wainwright boosted their price objective on IREN from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Citigroup restated a “market outperform” rating on shares of IREN in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and an average price target of $82.71.

IREN Price Performance

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The stock has a market capitalization of $14.73 billion, a price-to-earnings ratio of 85.90 and a beta of 4.29. The business’s 50 day simple moving average is $46.59 and its 200-day simple moving average is $46.74.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate 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%. Research analysts anticipate that IREN Limited will post -1.96 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Polianta Ltd increased its position in IREN by 5.9% in the 2nd quarter. Polianta Ltd now owns 37,400 shares of the company’s stock valued at $1,710,000 after acquiring an additional 2,100 shares during the period. Teamwork Financial Advisors LLC boosted its position in IREN by 28.9% during the 2nd quarter. Teamwork Financial Advisors LLC now owns 21,894 shares of the company’s stock worth $1,001,000 after acquiring an additional 4,906 shares during the period. Gainplan LLC acquired a new position in IREN during the 2nd quarter worth $215,000. Balefire LLC grew its stake in shares of IREN by 2.9% in the second quarter. Balefire LLC now owns 26,684 shares of the company’s stock worth $1,220,000 after purchasing an additional 760 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after purchasing an additional 442 shares in the last quarter. 41.08% of the stock is owned by 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.