IREN (NASDAQ:IREN) Trading Up 4.7% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price rose 4.7% during trading on Thursday . The company traded as high as $47.58 and last traded at $45.68. Approximately 33,748,129 shares traded hands during trading, a decline of 2% from the average daily volume of 34,541,883 shares. The stock had previously closed at $43.63.

Analyst Ratings Changes

Several analysts have commented on IREN shares. Citizens Jmp assumed coverage on shares of IREN in a report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 target price on the stock. JMP Securities set a $80.00 price objective on IREN in a report on Wednesday, November 19th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $75.00 price objective on shares of IREN in a report on Thursday, September 25th. BTIG Research upped their price target on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. raised their target price on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Twelve equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.64.

IREN Trading Up 4.7%

The company has a market capitalization of $12.95 billion, a P/E ratio of 23.55 and a beta of 4.25. The firm has a fifty day moving average price of $47.31 and a 200-day moving average price of $36.95. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.48). IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The business had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. IREN’s quarterly revenue was up 28.3% compared to the same quarter last year. On average, equities research analysts anticipate that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

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

IREN Company Profile

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.