IREN (NASDAQ:IREN) Stock Price Expected to Rise, B. Riley Financial Analyst Says

IREN (NASDAQ:IREN) had its price objective boosted by stock analysts at B. Riley Financial from $88.00 to $96.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 58.31% from the company’s current price.

Other analysts have also issued reports about the company. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. BTIG Research increased their price objective on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. The Goldman Sachs Group set a $50.00 target price on IREN in a research note on Wednesday, May 27th. Freedom Capital upgraded IREN to a “hold” rating in a research note on Wednesday, April 1st. Finally, Canaccord Genuity Group lifted their price objective on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday. 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.31.

IREN Stock Performance

Shares of IREN stock opened at $60.64 on Thursday. The company has a market cap of $21.67 billion, a P/E ratio of 129.08 and a beta of 4.22. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The business has a 50-day moving average price of $49.14 and a two-hundred day moving average price of $46.44. IREN has a 1-year low of $8.82 and a 1-year high of $76.87.

IREN (NASDAQ:IREN) last announced 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). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. As a group, analysts anticipate that IREN will post -1.17 EPS for the current year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently made changes to their positions in the business. Situational Awareness LP raised its position in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after purchasing an additional 2,998,214 shares during the period. Marex Group plc raised its stake in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets bought a new position in IREN during the 4th quarter valued at approximately $158,677,000. Value Aligned Research Advisors LLC raised its position in IREN by 18.6% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after purchasing an additional 607,189 shares during the last quarter. Finally, Clear Street Group Inc. purchased a new stake in IREN in the 4th quarter worth approximately $137,075,000. Institutional investors own 41.08% of the company’s stock.

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.