IREN (NASDAQ:IREN) Shares Up 1.1% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price rose 1.1% during mid-day trading on Monday . The stock traded as high as $42.24 and last traded at $41.39. Approximately 27,386,908 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 41,976,258 shares. The stock had previously closed at $40.95.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent research reports. Cantor Fitzgerald dropped their price target on shares of IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Citizens Jmp set a $80.00 target price on shares of IREN in a research report on Wednesday, November 19th. Weiss Ratings lowered IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, February 23rd. Finally, Compass Point reaffirmed a “buy” rating and set a $105.00 price objective on shares of IREN in a research note on Friday, November 7th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.69.

IREN Trading Up 1.1%

The company has a market capitalization of $13.75 billion, a P/E ratio of 31.12 and a beta of 4.31. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The business’s 50-day moving average price is $46.73 and its two-hundred day moving average price is $45.44.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. As a group, analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IREN. Centaurus Financial Inc. grew its stake in shares of IREN by 1.1% in the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after buying an additional 332 shares in the last quarter. Larson Financial Group LLC lifted its stake in IREN by 26.7% in the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after acquiring an additional 335 shares during the last quarter. Vise Technologies Inc. lifted its stake in IREN by 7.9% in the fourth quarter. Vise Technologies Inc. now owns 5,780 shares of the company’s stock valued at $218,000 after acquiring an additional 424 shares during the last quarter. Miller Wealth Advisors LLC grew its position in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. Finally, Global Retirement Partners LLC bought a new position in shares of IREN in the 3rd quarter valued at about $25,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.