IREN (NASDAQ:IREN) Shares Up 8% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price was up 8% during mid-day trading on Monday . The company traded as high as $40.21 and last traded at $39.75. 41,389,489 shares traded hands during trading, a decline of 4% from the average daily volume of 42,891,109 shares. The stock had previously closed at $36.80.

Wall Street Analyst Weigh In

IREN has been the topic of a number of analyst reports. B. Riley Financial boosted their price objective on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research note on Thursday, June 4th. Compass Point reiterated a “buy” rating on shares of IREN in a report on Tuesday, July 21st. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 7th. Finally, BTIG Research raised their price objective on shares of IREN to $80.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on 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 firm has a market cap of $14.21 billion, a PE ratio of 82.81 and a beta of 4.29. The business has a 50 day simple moving average of $48.86 and a two-hundred day simple moving average of $47.19. The company has a quick ratio of 3.72, a current 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 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%. As a group, equities research analysts forecast that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in the stock. Situational Awareness LP boosted its holdings in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the period. Sumitomo Mitsui Trust Group Inc. purchased a new position in IREN during the 1st quarter worth $20,878,000. Triglav Investments D.O.O. bought a new stake in IREN during the 1st quarter valued at $871,000. Oppenheimer & Co. Inc. raised its position in IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after purchasing an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its holdings in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after buying an additional 34,129 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.