IREN (NASDAQ:IREN) Raised to “Buy” at JonesTrading

IREN (NASDAQ:IREN) was upgraded by investment analysts at JonesTrading from a “hold” rating to a “buy” rating in a report released on Friday, Benzinga reports. The brokerage presently has a $40.00 price objective on the stock. JonesTrading‘s target price would indicate a potential upside of 84.84% from the company’s current price.

Several other research analysts also recently commented on the stock. Northland Securities began coverage on shares of IREN in a report on Friday, September 18th. They set an “outperform” rating and a $99.00 price objective for the company. Citigroup reaffirmed a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Morgan Stanley downgraded IREN to a “buy” rating in a research report on Wednesday, September 2nd. Compass Point reaffirmed a “buy” rating and set a $85.00 price target on shares of IREN in a research note on Friday, August 28th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $30.00 target price on shares of IREN in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus target price of $67.43.

IREN Stock Performance

IREN stock opened at $21.64 on Friday. IREN has a 1 year low of $17.16 and a 1 year high of $70.71. The firm’s 50 day moving average price is $35.87 and its 200-day moving average price is $43.60. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.60 and a quick ratio of 1.60. The stock has a market cap of $8.53 billion, a P/E ratio of -5.30 and a beta of 4.33.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.06. The firm had revenue of $228.00 million during the quarter, compared to analyst estimates of $228.26 million. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. On average, equities analysts predict that IREN will post -0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Situational Awareness LP grew its holdings in shares of IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of IREN in the first quarter valued at about $20,878,000. Triglav Investments D.O.O. bought a new position in shares of IREN in the first quarter valued at about $871,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in IREN during the 2nd quarter worth about $2,989,000. Finally, Secure Asset Management LLC acquired a new position in IREN during the 3rd quarter worth about $2,820,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs.

Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas.