IREN (NASDAQ:IREN) Stock Price Up 2% – Here’s Why

IREN Limited (NASDAQ:IREN) shares rose 2% during mid-day trading on Tuesday . The stock traded as high as $66.50 and last traded at $66.62. Approximately 56,207,710 shares traded hands during trading, a decline of 0% from the average daily volume of 56,350,976 shares. The stock had previously closed at $65.33.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent research reports. HC Wainwright raised their price target on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. BTIG Research raised their target price on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Cantor Fitzgerald raised their target price on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. B. Riley Financial raised their target price on IREN from $83.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group set a $50.00 price objective on IREN in a research note on Wednesday, May 27th. Thirteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.69.

IREN Trading Up 2.0%

The firm has a market cap of $23.81 billion, a P/E ratio of 138.79 and a beta of 4.22. The stock has a fifty day simple moving average of $48.17 and a 200 day simple moving average of $46.24. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last posted its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, research analysts expect that IREN Limited will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of IREN

Several large investors have recently modified their holdings of the company. CENTRAL TRUST Co lifted its position in IREN by 19.8% during the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after purchasing an additional 245 shares in the last quarter. Vermillion Wealth Management Inc. lifted its position in IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock valued at $70,000 after purchasing an additional 328 shares in the last quarter. Centaurus Financial Inc. lifted its position in IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after purchasing an additional 332 shares in the last quarter. Larson Financial Group LLC lifted its position in IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after purchasing an additional 335 shares in the last quarter. Finally, Hollencrest Capital Management lifted its position in IREN by 50.0% during the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after purchasing an additional 350 shares in the last quarter. Institutional investors 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.