IREN Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of IREN Limited (NASDAQ:IREN) have been given an average rating of “Moderate Buy” by the nineteen ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $82.6154.

IREN has been the topic of several recent analyst reports. B. Riley Financial increased their price target on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. raised their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. The Goldman Sachs Group set a $50.00 price objective on shares of IREN in a research report on Wednesday, May 27th. HC Wainwright increased their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Canaccord Genuity Group lifted their price target on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd.

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Marex Group plc lifted its holdings in shares of IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after purchasing an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in IREN during the 4th quarter worth approximately $158,677,000. Clear Street Group Inc. purchased a new position in IREN during the 4th quarter worth approximately $137,075,000. Situational Awareness LP increased its position in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after buying an additional 3,034,254 shares during the period. Finally, Quadrature Capital Ltd increased its position in IREN by 1,022.2% during the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after buying an additional 2,614,835 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Stock Down 8.7%

IREN stock opened at $54.02 on Wednesday. IREN has a 1-year low of $9.52 and a 1-year high of $76.87. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market cap of $19.31 billion, a PE ratio of 112.54 and a beta of 4.22. The stock’s fifty day moving average is $50.63 and its two-hundred day moving average is $46.73.

IREN (NASDAQ:IREN) last announced its quarterly 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 business had revenue of $144.80 million for 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%. On average, sell-side analysts expect that IREN will post -1.25 EPS for the current fiscal year.

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.