Canaccord Genuity Group Reaffirms Buy Rating for IREN (NASDAQ:IREN)

IREN (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity Group in a research report issued on Tuesday,Benzinga reports. They currently have a $70.00 target price on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 51.68% from the stock’s current price.

Several other brokerages have also recently commented on IREN. Citigroup initiated coverage on shares of IREN in a research report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Macquarie Infrastructure increased their target price on shares of IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Compass Point reaffirmed a “buy” rating and issued a $105.00 price target on shares of IREN in a report on Friday, November 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of IREN in a research report on Monday, December 29th. Finally, Roth Mkm set a $94.00 target price on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Thirteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $72.29.

IREN Stock Performance

IREN opened at $46.15 on Tuesday. The business has a 50 day moving average price of $46.44 and a two-hundred day moving average price of $42.95. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The company has a market capitalization of $13.08 billion, a price-to-earnings ratio of 34.70 and a beta of 4.26. IREN has a 1-year low of $5.13 and a 1-year high of $76.87.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, February 5th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.45). The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN’s revenue was down 23.1% on a year-over-year basis. Research analysts predict that IREN will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Global Retirement Partners LLC purchased a new stake in IREN in the 3rd quarter worth about $25,000. Miller Wealth Advisors LLC boosted its holdings in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in IREN during the fourth quarter valued at approximately $27,000. Finally, Aventura Private Wealth LLC acquired a new position in IREN in the 4th quarter valued at approximately $28,000. 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.