IREN (NASDAQ:IREN) Stock Price Up 8.5% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) were up 8.5% during mid-day trading on Friday . The stock traded as high as $58.58 and last traded at $56.68. Approximately 56,222,298 shares changed hands during trading, an increase of 32% from the average daily volume of 42,505,617 shares. The stock had previously closed at $52.26.

Analyst Ratings Changes

A number of brokerages recently weighed in on IREN. Roth Mkm set a $94.00 target price on shares of IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. B. Riley reiterated a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Canaccord Genuity Group lifted their target price on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, BTIG Research boosted their target price on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.36.

IREN Price Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company has a fifty day moving average price of $45.20 and a two-hundred day moving average price of $39.71. The company has a market cap of $16.07 billion, a P/E ratio of 29.22 and a beta of 4.25.

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

Institutional Investors Weigh In On IREN

Institutional investors and hedge funds have recently modified their holdings of the company. Legacy Bridge LLC acquired a new position in shares of IREN in the fourth quarter valued at approximately $51,000. Sippican Capital Advisors lifted its holdings in IREN by 59.2% during the 4th quarter. Sippican Capital Advisors now owns 45,330 shares of the company’s stock worth $1,712,000 after purchasing an additional 16,850 shares during the last quarter. BOCHK Asset Management Ltd boosted its stake in IREN by 185.7% in the 4th quarter. BOCHK Asset Management Ltd now owns 2,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,300 shares during the period. Encompass Wealth Advisors LLC acquired a new position in IREN in the 4th quarter valued at $300,000. Finally, FRG Family Wealth Advisors LLC acquired a new position in IREN in the 4th quarter valued at $216,000. 41.08% of the stock is owned by institutional investors.

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.