IREN (NASDAQ:IREN) Shares Up 5.9% – Time to Buy?

IREN Limited (NASDAQ:IREN) rose 5.9% during mid-day trading on Friday . The stock traded as high as $55.30 and last traded at $55.3360. Approximately 14,842,182 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 39,389,961 shares. The stock had previously closed at $52.26.

Analysts Set New Price Targets

A number of research analysts recently commented on IREN shares. Roth Mkm set a $94.00 price objective on IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. The Goldman Sachs Group initiated coverage on shares of IREN in a report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price objective on the stock. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 target price on shares of IREN in a research note on Thursday, September 25th. Finally, Compass Point reissued a “buy” rating and set a $105.00 price target on shares of IREN in a report on Friday, November 7th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Price Performance

The company has a market cap of $16.47 billion, a price-to-earnings ratio of 29.93 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company’s 50 day moving average price is $45.20 and its 200-day moving average price is $39.71.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.48). The business had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. On average, equities research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of IREN by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company’s stock worth $892,000 after acquiring an additional 3,307 shares in the last quarter. Farther Finance Advisors LLC grew its position in IREN by 59.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 25,038 shares of the company’s stock worth $365,000 after purchasing an additional 9,384 shares in the last quarter. Avaii Wealth Management LLC raised its stake in IREN by 107.7% during the 2nd quarter. Avaii Wealth Management LLC now owns 52,859 shares of the company’s stock valued at $770,000 after purchasing an additional 27,406 shares during the period. Castleview Partners LLC purchased a new stake in shares of IREN in the second quarter valued at $197,000. Finally, Maridea Wealth Management LLC boosted its position in shares of IREN by 5.9% in the second quarter. Maridea Wealth Management LLC now owns 338,901 shares of the company’s stock worth $4,938,000 after buying an additional 18,734 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.