IREN (NASDAQ:IREN) Shares Up 2.6% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) rose 2.6% during mid-day trading on Tuesday . The stock traded as high as $40.96 and last traded at $39.75. Approximately 38,563,026 shares were traded during trading, a decline of 9% from the average session volume of 42,537,922 shares. The stock had previously closed at $38.74.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 7th. BTIG Research upped their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. B. Riley Financial increased their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. 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 on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average target price of $82.71.

IREN Stock Up 2.6%

The firm’s fifty day moving average price is $46.06 and its two-hundred day moving average price is $46.56. The stock has a market cap of $14.21 billion, a price-to-earnings ratio of 82.81 and a beta of 4.29. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CENTRAL TRUST Co boosted its holdings in IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock worth $51,000 after acquiring an additional 245 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of IREN by 14.5% during the second quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock valued at $115,000 after acquiring an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. increased its holdings in shares of IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock valued at $70,000 after acquiring an additional 328 shares in the last quarter. Larson Financial Group LLC raised its position in shares of IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the period. Finally, Hollencrest Capital Management raised its position in shares of IREN by 50.0% during the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after purchasing an additional 350 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

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.