IREN (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) gapped up prior to trading on Thursday . The stock had previously closed at $33.78, but opened at $35.66. IREN shares last traded at $35.5090, with a volume of 6,905,997 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen raised shares of IREN from a “sell” rating to a “hold” rating in a research report on Sunday. Citigroup initiated coverage on shares of IREN in a research note on Wednesday, November 19th. They set an “outperform” rating on the stock. Cantor Fitzgerald boosted their price target on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. JPMorgan Chase & Co. increased their price target on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, November 24th. Finally, UBS Group reaffirmed a “buy” rating on shares of IREN in a research report on Friday, November 7th. Twelve research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.64.

IREN Stock Performance

The company has a market capitalization of $10.29 billion, a P/E ratio of 18.72 and a beta of 4.23. The company’s 50 day moving average is $53.37 and its 200-day moving average is $33.66. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

Institutional Trading of IREN

A number of hedge funds have recently made changes to their positions in IREN. Hudson Bay Capital Management LP bought a new position in shares of IREN during the third quarter valued at $1,089,000. Value Aligned Research Advisors LLC raised its position in IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after buying an additional 607,189 shares during the last quarter. Allworth Financial LP bought a new position in IREN during the 3rd quarter valued at about $651,000. Steadtrust LLC purchased a new stake in shares of IREN during the 3rd quarter valued at about $1,159,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of IREN by 113.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock valued at $75,000 after acquiring an additional 850 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.