IREN (NASDAQ:IREN) Shares Up 30.5% – Here’s Why

IREN Limited (NASDAQ:IREN) shares shot up 30.5% during mid-day trading on Thursday . The company traded as high as $38.34 and last traded at $38.26. Approximately 71,676,912 shares were traded during trading, an increase of 68% from the average daily volume of 42,722,008 shares. The stock had previously closed at $29.31.

Analyst Ratings Changes

IREN has been the topic of a number of recent analyst reports. HC Wainwright raised their target price on shares of IREN from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. B. Riley Financial lifted their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Canaccord Genuity Group reissued a “buy” rating and issued a $79.00 target price on shares of IREN in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group assumed coverage on IREN in a research note on Thursday, June 18th. They set a “buy” rating and a $79.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and an average target price of $82.71.

IREN Stock Performance

The company has a market cap of $13.67 billion, a P/E ratio of 79.71 and a beta of 4.27. The company’s fifty day moving average is $49.66 and its 200 day moving average is $47.34. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million for the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities analysts predict that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently bought and sold shares of IREN. Polianta Ltd lifted its position in IREN by 5.9% in the second quarter. Polianta Ltd now owns 37,400 shares of the company’s stock valued at $1,710,000 after purchasing an additional 2,100 shares during the last quarter. Teamwork Financial Advisors LLC grew its holdings in shares of IREN by 28.9% in the second quarter. Teamwork Financial Advisors LLC now owns 21,894 shares of the company’s stock worth $1,001,000 after purchasing an additional 4,906 shares during the last quarter. Gainplan LLC bought a new position in shares of IREN in the second quarter worth approximately $215,000. Balefire LLC increased its stake in shares of IREN by 2.9% in the second quarter. Balefire LLC now owns 26,684 shares of the company’s stock worth $1,220,000 after buying an additional 760 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after buying an additional 442 shares during the period. 41.08% of the stock is currently 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.