IREN (NASDAQ:IREN) Shares Up 10.4% – Should You Buy?

IREN Limited (NASDAQ:IREN)’s share price shot up 10.4% on Wednesday . The company traded as high as $53.12 and last traded at $52.71. 43,003,901 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 41,088,090 shares. The stock had previously closed at $47.74.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IREN. JPMorgan Chase & Co. raised 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. Cantor Fitzgerald lowered their price objective on IREN to $61.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. The Goldman Sachs Group reissued a “neutral” rating and issued a $44.00 price objective on shares of IREN in a research report on Friday, May 8th. Finally, Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 22nd. Thirteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.77.

IREN Price Performance

The company has a market cap of $18.84 billion, a PE ratio of 109.81 and a beta of 4.17. 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 50 day moving average of $44.74 and a 200-day moving average of $46.47.

IREN (NASDAQ:IREN) last issued 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 $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Equities analysts predict that IREN Limited will post -1.09 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC grew its position in shares of IREN by 240.0% during 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 shares of IREN during the 4th quarter valued at about $26,000. Clearstead Trust LLC acquired a new stake in shares of IREN during the 4th quarter valued at about $27,000. Aventura Private Wealth LLC acquired a new stake in shares of IREN during the 4th quarter valued at about $28,000. Finally, Motco acquired a new stake in shares of IREN during the 4th quarter valued at about $30,000. 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.