IREN (NASDAQ:IREN) Stock Price Up 7.7% Following Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s share price rose 7.7% during trading on Friday after BTIG Research raised their price target on the stock to $80.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $65.61 and last traded at $61.20. Approximately 109,641,463 shares changed hands during trading, an increase of 178% from the average daily volume of 39,486,148 shares. The stock had previously closed at $56.85.

A number of other brokerages also recently issued reports on IREN. B. Riley Financial reissued a “buy” rating on shares of IREN in a research report on Friday, February 6th. Freedom Capital raised shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. HC Wainwright boosted their price target on shares of IREN to $85.00 and gave the company a “buy” rating in a research report on Friday. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.23.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN’s NVIDIA partnership is the main driver, with a $3.4 billion AI cloud contract and a five-year option for NVIDIA to buy up to 30 million shares, signaling strong validation of IREN’s AI infrastructure strategy.
• Positive Sentiment: Analyst sentiment improved, with BTIG and HC Wainwright both raising price targets and maintaining buy ratings, reinforcing the bullish view on IREN’s long-term growth.
• Positive Sentiment: IREN continues to expand its AI platform with major capacity plans, including a target of 3.7 billion in annualized recurring revenue and growth across North America, Europe, and APAC.
• Neutral Sentiment: The company also announced the acquisition of Ingenostrum/Nostrum Group in Spain, which expands its European footprint and adds about 490MW of secured power, but the deal still needs to close.
• Negative Sentiment: Recent quarterly results were weak, with a wider net loss and lower revenue as Bitcoin mining revenues declined, showing the business is still in transition and execution risk remains.
• Negative Sentiment: IREN’s aggressive capital spending and convertible debt create some dilution and financing risk, which could temper enthusiasm if growth or funding milestones slip.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Invesco Ltd. boosted its position in shares of IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. bought a new stake in IREN in the second quarter worth $158,000. NewEdge Advisors LLC grew its stake in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after acquiring an additional 30,736 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of IREN in the second quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp increased its holdings in shares of IREN by 30.0% during the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after acquiring an additional 4,200 shares in the last quarter. Institutional investors own 41.08% of the company’s stock.

IREN Price Performance

The firm has a fifty day moving average price of $42.59 and a two-hundred day moving average price of $46.71. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $20.34 billion, a P/E ratio of 46.02 and a beta of 4.17.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (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 firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The company’s revenue for the quarter was down 23.1% on a year-over-year basis. On average, analysts expect that IREN Limited will post -0.8 EPS for the current year.

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.