IREN (NASDAQ:IREN) Shares Gap Up – Time to Buy?

Shares of IREN Limited (NASDAQ:IREN) gapped up prior to trading on Monday . The stock had previously closed at $38.82, but opened at $41.97. IREN shares last traded at $43.8460, with a volume of 12,670,757 shares.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IREN shares. B. Riley Financial raised their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Canaccord Genuity Group boosted their price target on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Sanford C. Bernstein set a $96.00 price objective on IREN in a report on Thursday, June 4th. JPMorgan Chase & Co. lifted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, HC Wainwright boosted their target price on shares of IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Fourteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Stock Up 13.4%

The company has a market cap of $15.74 billion, a price-to-earnings ratio of 92.04 and a beta of 4.27. The business has a 50-day simple moving average of $54.72 and a two-hundred day simple moving average of $47.62. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) 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 for the quarter, compared to analyst estimates of $219.69 million. As a group, equities analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC lifted its stake in shares of IREN by 240.0% in the fourth 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 last quarter. North Star Investment Management Corp. acquired a new position in IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new position in IREN in the 4th quarter worth $27,000. Aventura Private Wealth LLC bought a new position in IREN in the 4th quarter worth $28,000. Finally, Motco acquired a new position in IREN during the 4th quarter worth $30,000. Institutional investors and hedge funds 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.