IREN (NASDAQ:IREN) Shares Up 24.5% – Should You Buy?

IREN Limited (NASDAQ:IREN) shares traded up 24.5% during trading on Thursday . The company traded as high as $36.63 and last traded at $36.50. Approximately 15,596,374 shares traded hands during trading, a decline of 63% from the average daily volume of 42,272,184 shares. The stock had previously closed at $29.31.

Analyst Upgrades and Downgrades

IREN has been the topic of a number of analyst reports. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Cantor Fitzgerald upped their price objective on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Sanford C. Bernstein set a $96.00 target price on IREN in a research note on Thursday, June 4th. Finally, HC Wainwright raised their target price on IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $82.71.

IREN Stock Performance

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 stock has a market cap of $13.35 billion, a price-to-earnings ratio of 77.82 and a beta of 4.27. The stock’s fifty day moving average is $49.66 and its 200-day moving average is $47.34.

IREN (NASDAQ:IREN) last posted its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, analysts forecast that IREN Limited will post -1.96 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Polianta Ltd increased its holdings in shares of IREN by 5.9% in the second quarter. Polianta Ltd now owns 37,400 shares of the company’s stock worth $1,710,000 after acquiring an additional 2,100 shares in the last quarter. Teamwork Financial Advisors LLC lifted its holdings in shares of IREN by 28.9% during the 2nd quarter. Teamwork Financial Advisors LLC now owns 21,894 shares of the company’s stock valued at $1,001,000 after purchasing an additional 4,906 shares in the last quarter. Gainplan LLC acquired a new position in shares of IREN in the 2nd quarter valued at approximately $215,000. Balefire LLC grew its position in shares of IREN by 2.9% in the 2nd quarter. Balefire LLC now owns 26,684 shares of the company’s stock valued at $1,220,000 after purchasing an additional 760 shares during the period. Finally, GAMMA Investing LLC increased its stake in IREN by 177.5% during the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after purchasing an additional 442 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.