Analysts Set IREN Limited (NASDAQ:IREN) Target Price at $71.77

IREN Limited (NASDAQ:IREN) has earned a consensus rating of “Moderate Buy” from the nineteen ratings firms that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $71.7692.

Several equities analysts recently issued reports on IREN shares. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. HC Wainwright lifted their price objective on IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. lifted their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th.

IREN Stock Down 2.1%

IREN stock opened at $56.83 on Friday. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. IREN has a 1-year low of $8.28 and a 1-year high of $76.87. The company has a market cap of $20.31 billion, a PE ratio of 118.40 and a beta of 4.17. The stock’s 50 day moving average price is $45.72 and its 200 day moving average price is $46.48.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, sell-side analysts predict that IREN will post -1.09 EPS for the current fiscal year.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in IREN in the third quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC increased its stake in IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after purchasing an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC acquired a new position in IREN in the third quarter valued at $2,995,000. Oppenheimer & Co. Inc. increased its stake in IREN by 257.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after purchasing an additional 19,423 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in IREN by 282.2% in the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after purchasing an additional 34,129 shares during the last quarter. Hedge funds and other institutional investors 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.