IREN (NASDAQ:IREN) Shares Up 2.1% – Time to Buy?

IREN Limited (NASDAQ:IREN) shares were up 2.1% during mid-day trading on Monday . The stock traded as high as $44.75 and last traded at $42.16. Approximately 40,404,695 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 39,709,289 shares. The stock had previously closed at $41.29.

Analyst Ratings Changes

IREN has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research report on Monday, November 24th. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. Cantor Fitzgerald dropped their target price on IREN to $82.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Trading Up 2.1%

The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The firm has a market capitalization of $14.01 billion, a PE ratio of 31.69 and a beta of 4.31. The company’s fifty day simple moving average is $46.37 and its 200-day simple moving average is $47.38.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. IREN’s quarterly revenue was down 23.1% compared to the same quarter last year. As a group, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently made changes to their positions in IREN. Envestnet Asset Management Inc. acquired a new position in shares of IREN during the second quarter valued at approximately $255,000. DNB Asset Management AS boosted its stake in shares of IREN by 133.9% in the second quarter. DNB Asset Management AS now owns 109,601 shares of the company’s stock worth $1,596,000 after acquiring an additional 62,746 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of IREN by 929.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,978 shares of the company’s stock worth $204,000 after purchasing an additional 12,620 shares in the last quarter. Advisors Asset Management Inc. raised its stake in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. Finally, Richmond Investment Services LLC acquired a new position in IREN in the 2nd quarter valued at $277,000. 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.