IREN (NASDAQ:IREN) Shares Gap Up – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $41.58, but opened at $44.03. IREN shares last traded at $43.91, with a volume of 10,691,283 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 13th. Citizens Jmp set a $80.00 target price on IREN in a research note on Wednesday, November 19th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a report on Friday, February 6th. The Goldman Sachs Group assumed coverage on IREN in a research note on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target for the company. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $71.69.

IREN Stock Up 6.3%

The company’s 50 day moving average is $46.70 and its 200 day moving average is $46.82. The company has a market cap of $14.69 billion, a PE ratio of 33.29 and a beta of 4.31. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. As a group, analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of IREN

A number of large investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in IREN during the 3rd quarter worth $25,000. Miller Wealth Advisors LLC lifted its holdings in shares of IREN by 240.0% in 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 period. North Star Investment Management Corp. bought a new position in shares of IREN during the 4th quarter worth $26,000. Clearstead Trust LLC bought a new position in shares of IREN during the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new position in shares of IREN during the fourth quarter valued at $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.