IREN (NASDAQ:IREN) Shares Up 2.7% – What’s Next?

IREN Limited (NASDAQ:IREN) traded up 2.7% on Tuesday . The company traded as high as $42.68 and last traded at $41.29. 50,634,782 shares traded hands during trading, an increase of 20% from the average daily volume of 42,364,379 shares. The stock had previously closed at $40.20.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IREN. Canaccord Genuity Group reiterated a “buy” rating and set a $79.00 target price on shares of IREN in a report on Tuesday. JPMorgan Chase & Co. raised their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. B. Riley Financial lifted their price objective on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Compass Point reiterated a “buy” rating on shares of IREN in a research report on Tuesday. Finally, HC Wainwright increased their target price on IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.71.

IREN Stock Up 2.2%

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm’s 50 day simple moving average is $51.36 and its two-hundred day simple moving average is $47.69. The firm has a market cap of $15.08 billion, a price-to-earnings ratio of 88.43 and a beta of 4.27.

IREN (NASDAQ:IREN) last issued 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 company had revenue of $144.79 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%. On average, equities analysts forecast that IREN Limited will post -1.25 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of large investors have recently modified their holdings of IREN. Miller Wealth Advisors LLC lifted 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 worth $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new position in IREN in the fourth quarter valued at about $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter worth about $27,000. Motco bought a new position in shares of IREN in the fourth quarter worth about $30,000. Finally, GAMMA Investing LLC lifted its holdings in shares of IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after acquiring an additional 442 shares during the last quarter. Institutional investors and hedge funds 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.