BTIG Research Issues Positive Forecast for IREN (NASDAQ:IREN) Stock Price

IREN (NASDAQ:IREN) had its price objective raised by BTIG Research to $80.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also weighed in on IREN. Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Cantor Fitzgerald cut their price target on shares of IREN to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Canaccord Genuity Group restated a “buy” rating and set a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Finally, Wall Street Zen lowered IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.23.

IREN Stock Up 7.7%

IREN stock opened at $61.20 on Friday. 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 $20.34 billion, a PE ratio of 46.02 and a beta of 4.17. IREN has a twelve month low of $6.77 and a twelve month high of $76.87. The stock has a 50-day simple moving average of $42.59 and a two-hundred day simple moving average of $46.71.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.52). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. On average, equities analysts predict that IREN will post -0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in IREN in the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC raised its position 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 in the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN during the 4th quarter worth $26,000. Clearstead Trust LLC purchased a new position in IREN in the fourth quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new position in IREN in the fourth quarter worth $28,000. 41.08% of the stock is currently owned by institutional investors.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a $3.4 billion AI cloud contract with NVIDIA and announced a strategic partnership tied to up to 5GW of AI infrastructure, boosting confidence in its AI transition. IREN Secures $3.4bn AI Cloud Contract with NVIDIA
• Positive Sentiment: NVIDIA’s option to invest up to $2.1 billion at $70 per share is being viewed as a strong endorsement of IREN’s infrastructure value and growth strategy. Nvidia to invest up to $2.1 billion in IREN as part of AI data center deal
• Positive Sentiment: Analysts turned more constructive, with BTIG and HC Wainwright raising targets to $80 and $85, respectively, implying more upside if execution continues. Benzinga analyst target updates
• Neutral Sentiment: IREN reported weaker-than-expected quarterly revenue and a wider net loss, but investors are largely looking past the results and focusing on future AI cloud growth. IREN Limited’s Q3 Net Loss Widens Q/Q, Revenues Decline
• Neutral Sentiment: IREN expanded into Europe by agreeing to acquire Nostrum Group in Spain, adding about 490MW of secured power and a new development pipeline, which supports longer-term growth but still needs to close. IREN Expands AI Cloud Platform to Europe with Acquisition of Nostrum Group
• Negative Sentiment: Despite the upbeat AI narrative, IREN’s traditional Bitcoin-mining business continues to weaken, and the company still faces execution risk, dilution risk from convertibles, and heavy capex demands. IREN: Many Do Not Understand This Stock Is Undervalued Due To Its Assets

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.