IREN Limited (NASDAQ:IREN) Receives $71.77 Average Target Price from Analysts

Shares of IREN Limited (NASDAQ:IREN) have received an average rating of “Moderate Buy” from the nineteen research firms that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and thirteen have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $71.7692.

IREN has been the topic of several research analyst reports. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. BTIG Research raised their price objective on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Weiss Ratings lowered IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen lowered IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th.

IREN Stock Down 4.7%

IREN stock opened at $50.46 on Friday. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 105.13 and a beta of 4.17. IREN has a 52 week low of $8.11 and a 52 week high of $76.87. The business’s 50-day moving average price is $44.52 and its 200 day moving average price is $46.56. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last posted its 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 company 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 anticipate that IREN will post -1.09 earnings per share for the current year.

Institutional Trading of IREN

Several institutional investors have recently bought and sold shares of IREN. Invesco Ltd. grew its holdings in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after purchasing an additional 936,333 shares during the period. StoneX Group Inc. acquired a new stake in IREN in the second quarter valued at approximately $158,000. NewEdge Advisors LLC grew its holdings in IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after purchasing an additional 30,736 shares during the period. Sei Investments Co. acquired a new stake in IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp grew its holdings in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 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.