IREN (NASDAQ:IREN) Rating Increased to Overweight at JPMorgan Chase & Co.

IREN (NASDAQ:IREN) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to an “overweight” rating in a research note issued on Monday, Benzinga reports. The firm presently has a $65.00 price objective on the stock, up from their prior price objective of $46.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 48.30% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Weiss Ratings downgraded shares of IREN from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 31st. Jefferies Financial Group assumed coverage on shares of IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target on the stock. The Goldman Sachs Group reiterated a “neutral” rating on shares of IREN in a report on Monday, July 20th. Compass Point reissued a “buy” rating and set a $85.00 price objective on shares of IREN in a research report on Friday, August 28th. Finally, Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $82.93.

IREN Stock Performance

NASDAQ IREN opened at $43.83 on Monday. The firm’s 50 day moving average price is $40.29 and its two-hundred day moving average price is $45.56. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. IREN has a twelve month low of $28.93 and a twelve month high of $76.87. The stock has a market cap of $17.27 billion, a price-to-earnings ratio of -18.73 and a beta of 4.28.

Institutional Trading of IREN

Several large investors have recently made changes to their positions in the stock. Situational Awareness LP boosted its position 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 purchasing an additional 2,998,214 shares during the period. California State Teachers Retirement System raised its position in shares of IREN by 6,197.8% in the second quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock valued at $1,050,102,000 after purchasing an additional 22,598,469 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of IREN in the first quarter valued at approximately $20,878,000. Triglav Investments D.O.O. acquired a new stake in shares of IREN in the first quarter worth $871,000. Finally, Pictet Asset Management Holding SA lifted its stake in shares of IREN by 349.3% in the first quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company’s stock worth $4,379,000 after buying an additional 99,384 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 infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.