IREN (NASDAQ:IREN) Price Target Lowered to $61.00 at Cantor Fitzgerald

IREN (NASDAQ:IREN) had its price objective cut by investment analysts at Cantor Fitzgerald from $82.00 to $61.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 64.95% from the company’s previous close.

IREN has been the topic of a number of other reports. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. Finally, The Goldman Sachs Group started coverage on shares of IREN in a report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 target price on the stock. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average price target of $70.08.

IREN Price Performance

NASDAQ IREN traded up $0.15 on Thursday, reaching $36.98. 9,730,231 shares of the company’s stock traded hands, compared to its average volume of 37,775,020. IREN has a 12 month low of $5.24 and a 12 month high of $76.87. 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 stock has a 50-day simple moving average of $41.55 and a 200 day simple moving average of $47.60. The stock has a market cap of $12.29 billion, a PE ratio of 27.59 and a beta of 4.30.

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

Institutional Trading of IREN

Several large investors have recently modified their holdings of IREN. Global Retirement Partners LLC bought a new stake in shares of IREN in the third quarter worth about $25,000. Miller Wealth Advisors LLC boosted its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in IREN in the fourth quarter valued at $26,000. Clearstead Trust LLC bought a new stake in IREN in the fourth quarter valued at $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN in the fourth quarter valued at $28,000. 41.08% of the stock is owned by institutional investors.

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.