IREN (NASDAQ:IREN) Stock Price Up 6% – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price shot up 6% during trading on Monday . The company traded as high as $42.56 and last traded at $42.36. 30,307,627 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 42,910,266 shares. The stock had previously closed at $39.98.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IREN. Citigroup initiated coverage on IREN in a research note on Wednesday, November 19th. They issued an “outperform” rating on the stock. Citizens Jmp set a $80.00 target price on shares of IREN in a research note on Wednesday, November 19th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Finally, Roth Mkm set a $94.00 target price on shares of IREN and gave the company a “buy” rating in a research note on Monday, November 3rd. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IREN has an average rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Price Performance

The firm has a market cap of $14.08 billion, a P/E ratio of 31.85 and a beta of 4.27. The firm’s fifty day simple moving average is $46.03 and its 200 day simple moving average is $44.55. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. The company’s quarterly revenue was down 23.1% compared to the same quarter last year. As a group, analysts forecast that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in IREN during the 3rd quarter valued at $1,854,000. Y Intercept Hong Kong Ltd bought a new position in IREN during the second quarter valued at $6,877,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after acquiring an additional 53,982 shares during the period. Meridian Wealth Management LLC bought a new stake in shares of IREN in the 3rd quarter worth about $2,995,000. Finally, X Square Capital LLC lifted its holdings in shares of IREN by 129.9% in the 2nd quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock worth $6,352,000 after acquiring an additional 246,333 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.