IREN (NASDAQ:IREN) Trading 6% Higher – Still a Buy?

IREN Limited (NASDAQ:IREN)’s share price shot up 6% during mid-day trading on Thursday . The stock traded as high as $36.93 and last traded at $35.80. 27,056,106 shares changed hands during trading, an increase of 3% from the average session volume of 26,267,697 shares. The stock had previously closed at $33.78.

Wall Street Analyst Weigh In

A number of research firms have commented on IREN. Sanford C. Bernstein restated an “outperform” rating and issued a $75.00 price objective on shares of IREN in a research note on Thursday, September 25th. JPMorgan Chase & Co. raised their price target on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. Arete Research started coverage on IREN in a research note on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. Citigroup began coverage on IREN in a research report on Wednesday, November 19th. They set an “outperform” rating for the company. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of IREN in a research note on Monday. Twelve equities 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.64.

IREN Stock Performance

The stock’s 50-day moving average price is $53.37 and its 200-day moving average price is $33.66. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 18.45 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

Institutional Trading of IREN

Several large investors have recently bought and sold shares of the company. Hudson Bay Capital Management LP purchased a new position in shares of IREN in the third quarter valued at $1,089,000. Value Aligned Research Advisors LLC grew its stake 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 valued at $181,776,000 after acquiring an additional 607,189 shares during the last quarter. Allworth Financial LP acquired a new stake in IREN in the 3rd quarter valued at about $651,000. Steadtrust LLC purchased a new position in IREN during the 3rd quarter valued at about $1,159,000. Finally, CIBC Private Wealth Group LLC raised its position in IREN by 113.3% during the third quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock worth $75,000 after acquiring an additional 850 shares during the last quarter. 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.