IREN (NASDAQ:IREN) Shares Up 7.3% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price shot up 7.3% during trading on Tuesday . The stock traded as high as $45.68 and last traded at $45.45. 36,695,365 shares changed hands during trading, a decline of 14% from the average session volume of 42,753,734 shares. The stock had previously closed at $42.36.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of IREN in a research note on Monday, December 29th. Citizens Jmp set a $80.00 price target on shares of IREN in a research report on Wednesday, November 19th. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Roth Mkm set a $94.00 target price on shares of IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Stock Performance

The firm’s 50-day moving average price is $46.16 and its two-hundred day moving average price is $44.72. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $15.10 billion, a PE ratio of 34.17 and a beta of 4.26.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $229.64 million. The firm’s revenue was down 23.1% compared to the same quarter last year. As a group, research analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new stake in IREN during the third quarter valued at $25,000. Miller Wealth Advisors LLC lifted its holdings in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN in the 4th quarter valued at approximately $26,000. Clearstead Trust LLC acquired a new position in IREN in the fourth quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC bought a new position in IREN during the fourth quarter valued at approximately $28,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

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.