IREN (NASDAQ:IREN) Stock Price Up 5.6% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) traded up 5.6% during trading on Wednesday. The stock traded as high as $21.76 and last traded at $20.84. 81,069,162 shares traded hands during mid-day trading, an increase of 80% from the average daily volume of 45,092,918 shares. The stock had previously closed at $19.73.

More IREN News

Investors following IREN have been watching these news items:

• Positive Sentiment: Analysts remain broadly optimistic about neocloud stocks, with forecasts cited in one report suggesting the group could more than double over the next 12 months. CRWV vs IREN vs NBIS: Which Neocloud Stock To Bet On After Q3 Reports Allay Durability Fears
• Negative Sentiment: Investors are reacting to reports that Nvidia may slow investments in AI companies and credit guarantees following CEO Jensen Huang’s resignation. IREN may be particularly exposed: Nvidia is expected to rent about $700 million of IREN cloud capacity annually under a five-year, $3.4 billion agreement, raising concerns about demand and customer concentration. IREN Is the Real Loser in Nvidia’s Pullback: Nvidia Is Its $3.4 Billion Customer
• Negative Sentiment: Bitcoin’s drop below $70,000 and rising Treasury yields are adding pressure. Weakness across AI data-center peers is also weighing on sentiment as investors reassess the sector’s spending needs and growth outlook. Why Is IREN Stock Falling on Friday?

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of research analyst reports. CCB Int’l downgraded IREN from an “outperform” rating to a “neutral” rating in a report on Monday. Northland Securities began coverage on shares of IREN in a research note on Friday, September 18th. They issued an “outperform” rating and a $99.00 price objective for the company. B. Riley Financial cut their target price on shares of IREN from $91.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. Cantor Fitzgerald lowered their price target on shares of IREN from $99.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price on shares of IREN in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.57.

IREN Price Performance

The company has a fifty day simple moving average of $34.52 and a 200 day simple moving average of $42.94. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of -4.45 and a beta of 4.33. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.60 and a current ratio of 1.60.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.06. The company had revenue of $228.00 million during the quarter, compared to analysts’ expectations of $228.26 million. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. Equities research analysts forecast that IREN Limited will post 0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Institutional investors have recently made changes to their positions in the stock. Situational Awareness LP grew its holdings in shares of IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after buying an additional 2,998,214 shares during the last quarter. Bank of America Corp DE increased its position in IREN by 58.4% in the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after buying an additional 788,547 shares during the last quarter. Banco Santander S.A. raised its stake in IREN by 1.7% in the 3rd quarter. Banco Santander S.A. now owns 903,037 shares of the company’s stock valued at $36,916,000 after acquiring an additional 14,791 shares during the period. Swiss National Bank purchased a new stake in shares of IREN during the 1st quarter valued at approximately $33,032,000. Finally, First Trust Advisors LP boosted its holdings in shares of IREN by 1,221.5% in the third quarter. First Trust Advisors LP now owns 788,463 shares of the company’s stock worth $32,232,000 after acquiring an additional 728,801 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs. Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas. IREN has emphasized developing facilities with access to renewable energy.