IREN (NASDAQ:IREN) Stock Price Up 9.1% – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) rose 9.1% on Wednesday . The company traded as high as $51.71 and last traded at $52.0840. Approximately 18,505,346 shares traded hands during trading, a decline of 55% from the average daily volume of 40,814,098 shares. The stock had previously closed at $47.74.

Analysts Set New Price Targets

IREN has been the subject of a number of recent analyst reports. HC Wainwright raised their price target on IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. raised their price target on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $44.00 price target on shares of IREN in a report on Friday, May 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Finally, Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Thirteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.77.

IREN Price Performance

The company has a 50 day moving average price of $44.74 and a 200 day moving average price of $46.47. The company has a market capitalization of $18.78 billion, a price-to-earnings ratio of 109.34 and a beta of 4.17. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts forecast that IREN Limited will post -1.09 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in IREN during the third quarter worth about $1,854,000. Wealth Enhancement Advisory Services LLC raised its holdings in IREN by 88.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock worth $5,408,000 after acquiring an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC bought a new stake in IREN during the third quarter worth about $2,995,000. Oppenheimer & Co. Inc. raised its holdings in IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after acquiring an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in IREN by 282.2% during the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after acquiring an additional 34,129 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.