IREN (NASDAQ:IREN) Trading 8.9% Higher – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price traded up 8.9% during trading on Monday . The company traded as high as $59.67 and last traded at $59.19. 40,863,313 shares traded hands during trading, a decline of 4% from the average session volume of 42,377,098 shares. The stock had previously closed at $54.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. HC Wainwright lifted their target price on IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. BTIG Research lifted their target price on IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Cantor Fitzgerald lifted their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Finally, Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Up 8.9%

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a fifty day moving average price of $49.82 and a 200-day moving average price of $46.60. The stock has a market capitalization of $21.15 billion, a P/E ratio of 123.31 and a beta of 4.22.

IREN (NASDAQ:IREN) last released its quarterly 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 company had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, research analysts forecast that IREN Limited will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC grew its position in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new position in IREN in the fourth quarter worth about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN in the fourth quarter valued at $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN in the fourth quarter valued at $28,000. Finally, Motco purchased a new stake in shares of IREN in the fourth quarter valued at $30,000. 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.