IREN Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Brokerages

IREN Limited (NASDAQ:IREN) has been given an average rating of “Moderate Buy” by the eighteen brokerages that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $71.6923.

Several research firms have recently weighed in on IREN. Canaccord Genuity Group restated a “buy” rating and set a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. The Goldman Sachs Group initiated 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. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Cantor Fitzgerald reduced their target price on shares of IREN to $82.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Finally, Citizens Jmp set a $80.00 price target on shares of IREN in a research report on Wednesday, November 19th.

Hedge Funds Weigh In On IREN

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

IREN Trading Down 8.5%

Shares of IREN stock opened at $36.70 on Monday. The business has a fifty day simple moving average of $46.58 and a 200-day simple moving average of $46.17. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The firm has a market cap of $12.19 billion, a price-to-earnings ratio of 27.59 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

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

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.