IREN (NASDAQ:IREN) Shares Up 5.4% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) shot up 5.4% during mid-day trading on Friday . The company traded as high as $61.40 and last traded at $59.77. 45,023,366 shares traded hands during trading, an increase of 6% from the average session volume of 42,578,113 shares. The stock had previously closed at $56.71.

Analyst Ratings Changes

A number of brokerages have issued reports on IREN. JPMorgan Chase & Co. increased their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Cantor Fitzgerald increased their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. B. Riley Financial increased their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. BTIG Research raised their target price on IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, The Goldman Sachs Group set a $50.00 target price on IREN in a research report on Wednesday, May 27th. Thirteen 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.62.

IREN Stock Performance

The firm has a 50 day simple moving average of $51.48 and a 200-day simple moving average of $46.89. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company has a market cap of $21.36 billion, a price-to-earnings ratio of 124.52 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates 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, analysts predict that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Trading of IREN

A number of institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. lifted its holdings in shares of IREN by 257.8% in the 4th 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. Sanctuary Advisors LLC raised its stake in IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Avaii Wealth Management LLC raised its stake in IREN by 208.9% during the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after acquiring an additional 98,581 shares during the last quarter. Private Advisor Group LLC raised its stake in IREN by 12.7% during the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock valued at $36,684,000 after acquiring an additional 88,081 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in IREN during the 4th quarter valued at approximately $939,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.