IREN (NASDAQ:IREN) Stock Price Up 6.2% – Here’s What Happened

IREN Limited (NASDAQ:IREN) rose 6.2% during trading on Thursday . The company traded as high as $45.58 and last traded at $45.51. Approximately 28,961,588 shares changed hands during trading, a decline of 23% from the average daily volume of 37,804,395 shares. The stock had previously closed at $42.86.

Analysts Set New Price Targets

IREN has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a research note on Friday, February 6th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. Finally, Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and an average target price of $70.08.

IREN Stock Up 0.3%

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The firm has a market cap of $15.17 billion, a PE ratio of 34.33 and a beta of 4.17. The stock has a fifty day moving average price of $41.70 and a 200-day moving average price of $47.12.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. The company’s quarterly revenue was down 23.1% on a year-over-year basis. Research analysts expect that IREN Limited will post -0.8 EPS for the current year.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in IREN in the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC boosted its holdings in 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 acquiring an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC purchased a new position in IREN in the 4th quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC purchased a new position in IREN in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About IREN

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.