IREN (NASDAQ:IREN) Stock Price Up 3.2% – Should You Buy?

IREN Limited (NASDAQ:IREN)’s share price rose 3.2% during trading on Thursday . The stock traded as high as $61.53 and last traded at $59.96. 38,347,522 shares were traded during mid-day trading, a decline of 9% from the average session volume of 42,319,609 shares. The stock had previously closed at $58.11.

Analysts Set New Price Targets

IREN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Cantor Fitzgerald upped their price target on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Canaccord Genuity Group raised their price target on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. B. Riley Financial lifted their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Jefferies Financial Group started coverage on shares of IREN in a report on Thursday. They set a “buy” rating and a $79.00 price objective on the stock. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average price target of $82.36.

IREN Stock Performance

The firm has a fifty day moving average of $54.40 and a 200 day moving average of $47.38. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market capitalization of $21.43 billion, a price-to-earnings ratio of 124.92 and a beta of 4.22.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. On average, sell-side analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of IREN

A number of hedge funds have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC increased its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new position in shares of IREN in the fourth quarter worth about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the 4th quarter worth about $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN during the 4th quarter worth about $28,000. Finally, Motco acquired a new stake in shares of IREN during the 4th quarter valued at about $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.