B. Riley Financial Cuts IREN (NASDAQ:IREN) Price Target to $91.00

IREN (NASDAQ:IREN) had its price objective cut by B. Riley Financial from $96.00 to $91.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms also recently weighed in on IREN. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Morgan Stanley downgraded shares of IREN to a “buy” rating in a research note on Wednesday, September 2nd. Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 price objective on shares of IREN in a report on Thursday, August 13th. Canaccord Genuity Group reissued a “buy” rating and set a $79.00 price objective on shares of IREN in a report on Friday, August 28th. Finally, Citigroup restated a “market outperform” rating on shares of IREN in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average price target of $81.13.

IREN Price Performance

Shares of NASDAQ IREN opened at $40.65 on Tuesday. IREN has a fifty-two week low of $28.93 and a fifty-two week high of $76.87. The business has a 50 day moving average price of $41.45 and a two-hundred day moving average price of $45.82. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.80. The firm has a market cap of $16.02 billion, a PE ratio of -17.37 and a beta of 4.26.

Institutional Trading of IREN

Several institutional investors have recently added to or reduced their stakes in the business. Clear Street Group Inc. bought a new position in shares of IREN in the 4th quarter worth about $137,075,000. Situational Awareness LP raised its stake in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares during the period. Capital Research Global Investors acquired a new stake in IREN during the fourth quarter worth about $38,730,000. Swiss National Bank bought a new position in IREN in the first quarter worth about $33,032,000. Finally, Amundi lifted its holdings in IREN by 3,865.8% in the first quarter. Amundi now owns 845,113 shares of the company’s stock worth $28,970,000 after acquiring an additional 823,803 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.