IREN (NASDAQ:IREN) Stock Price Up 3.1% After Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s stock price was up 3.1% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $36.76 and last traded at $36.59. Approximately 44,137,418 shares changed hands during mid-day trading, an increase of 68% from the average daily volume of 26,230,000 shares. The stock had previously closed at $35.48.

A number of other brokerages have also weighed in on IREN. Citigroup assumed coverage on IREN in a research report on Wednesday, November 19th. They issued an “outperform” rating on the stock. BTIG Research raised their target price on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. HC Wainwright upped their price target on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research note on Tuesday, November 4th. JMP Securities set a $80.00 price objective on shares of IREN in a research report on Wednesday, November 19th. Finally, B. Riley reissued a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Twelve equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.64.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new stake in shares of IREN during the 2nd quarter valued at approximately $6,877,000. Aurelius Capital Management LP acquired a new stake in shares of IREN during the 1st quarter worth about $311,000. X Square Capital LLC raised its holdings in IREN by 129.9% in the 2nd quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after buying an additional 246,333 shares during the period. Balefire LLC acquired a new position in IREN in the second quarter valued at about $1,214,000. Finally, Hood River Capital Management LLC acquired a new position in IREN in the second quarter valued at about $74,228,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Stock Performance

The firm has a 50-day moving average price of $52.81 and a 200 day moving average price of $33.67. The firm has a market capitalization of $10.15 billion, a PE ratio of 18.45 and a beta of 4.23. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

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.