IREN’s (IREN) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of IREN (NASDAQ:IREN) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $79.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the stock. BTIG Research lifted their price objective on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Sanford C. Bernstein set a $96.00 target price on IREN in a report on Thursday, June 4th. Needham & Company LLC restated a “hold” rating on shares of IREN in a research note on Tuesday. Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Finally, HC Wainwright lifted their price target on IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.71.

IREN Trading Down 1.7%

NASDAQ IREN opened at $40.58 on Tuesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm has a market cap of $14.50 billion, a price-to-earnings ratio of 84.54 and a beta of 4.27. The firm has a 50 day simple moving average of $51.00 and a 200-day simple moving average of $47.67. IREN has a one year low of $14.72 and a one year high of $76.87.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Equities research analysts anticipate that IREN will post -1.85 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. purchased a new stake in IREN in the 1st quarter valued at approximately $20,878,000. Triglav Investments D.O.O. purchased a new position in shares of IREN during the 1st quarter worth approximately $871,000. Oppenheimer & Co. Inc. lifted its holdings in shares of IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after buying an additional 19,423 shares during the period. Sanctuary Advisors LLC lifted its holdings in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after buying an additional 34,129 shares during the period. Finally, Avaii Wealth Management LLC boosted its stake in shares of IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after buying an additional 98,581 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN’s $2.8 billion in new AI cloud contracts and higher ARR target strengthen the company’s growth outlook and support the bull case for the stock.
• Positive Sentiment: Alphabet’s increased AI capex forecast lifted investor enthusiasm for AI infrastructure names, including IREN, improving sector momentum.
• Positive Sentiment: Canaccord Genuity reaffirmed a Buy rating on IREN, adding analyst support after the contract announcement.
• Neutral Sentiment: Commentary from Seeking Alpha and other outlets focused on IREN’s shift from bitcoin mining to AI infrastructure, which reinforces the long-term narrative but did not add new company-specific catalysts.
• Negative Sentiment: Despite the recent rally, some articles noted IREN has been volatile, with the stock still down sharply over the past 30 and 90 days before the latest contract-driven rebound.

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.