IREN (NASDAQ:IREN) Trading 11.4% Higher – Still a Buy?

IREN Limited (NASDAQ:IREN) shares traded up 11.4% on Wednesday . The company traded as high as $61.50 and last traded at $60.98. 60,873,876 shares were traded during trading, an increase of 60% from the average session volume of 38,151,742 shares. The stock had previously closed at $54.74.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a $3.4 billion AI cloud contract with NVIDIA and announced a strategic partnership tied to up to 5GW of AI infrastructure, boosting confidence in its AI transition. IREN Secures $3.4bn AI Cloud Contract with NVIDIA
• Positive Sentiment: NVIDIA’s option to invest up to $2.1 billion at $70 per share is being viewed as a strong endorsement of IREN’s infrastructure value and growth strategy. Nvidia to invest up to $2.1 billion in IREN as part of AI data center deal
• Positive Sentiment: Analysts turned more constructive, with BTIG and HC Wainwright raising targets to $80 and $85, respectively, implying more upside if execution continues. Benzinga analyst target updates
• Neutral Sentiment: IREN reported weaker-than-expected quarterly revenue and a wider net loss, but investors are largely looking past the results and focusing on future AI cloud growth. IREN Limited’s Q3 Net Loss Widens Q/Q, Revenues Decline
• Neutral Sentiment: IREN expanded into Europe by agreeing to acquire Nostrum Group in Spain, adding about 490MW of secured power and a new development pipeline, which supports longer-term growth but still needs to close. IREN Expands AI Cloud Platform to Europe with Acquisition of Nostrum Group
• Negative Sentiment: Despite the upbeat AI narrative, IREN’s traditional Bitcoin-mining business continues to weaken, and the company still faces execution risk, dilution risk from convertibles, and heavy capex demands. IREN: Many Do Not Understand This Stock Is Undervalued Due To Its Assets

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Freedom Capital raised shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Finally, Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.23.

IREN Stock Performance

The stock’s 50-day moving average price is $42.59 and its 200-day moving average price is $46.71. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $20.34 billion, a P/E ratio of 46.02 and a beta of 4.17.

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

Hedge Funds Weigh In On IREN

Several hedge funds have recently made changes to their positions in IREN. Global Retirement Partners LLC acquired a new position in shares of IREN in the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC grew its stake 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 purchasing an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new position in shares of IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC acquired a new position in shares of IREN in the 4th quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC acquired a new position in shares of IREN in the 4th quarter worth approximately $28,000. 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.