IREN (NASDAQ:IREN) Trading Up 1.2% – Should You Buy?

IREN Limited (NASDAQ:IREN) shares traded up 1.2% during mid-day trading on Monday . The company traded as high as $49.99 and last traded at $48.72. 35,746,173 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 37,943,309 shares. The stock had previously closed at $48.12.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IREN shares. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Cantor Fitzgerald reduced their price target on shares of IREN to $61.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price target for the company in a research report on Tuesday, January 13th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Finally, Freedom Capital raised shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.08.

IREN Stock Performance

The company has a market cap of $16.19 billion, a price-to-earnings ratio of 36.63 and a beta of 4.30. The firm has a 50-day simple moving average of $40.83 and a 200 day simple moving average of $47.60. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business 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% on a year-over-year basis. On average, sell-side analysts predict that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Global Retirement Partners LLC acquired a new stake in IREN during the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. acquired a new stake in IREN during the 4th quarter worth approximately $26,000. Clearstead Trust LLC purchased a new position in IREN during the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new position in IREN during the 4th quarter worth $28,000. 41.08% of the stock is owned by hedge funds and other 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.