IREN (NASDAQ:IREN) Stock Price Up 1.8% – Time to Buy?

IREN Limited (NASDAQ:IREN) rose 1.8% on Monday . The company traded as high as $63.17 and last traded at $60.85. Approximately 32,975,833 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 42,499,258 shares. The stock had previously closed at $59.77.

Analyst Ratings Changes

IREN has been the subject of a number of research analyst reports. Cantor Fitzgerald upped their price target on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group upped their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Sanford C. Bernstein set a $96.00 target price on IREN in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. boosted their price target on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Up 1.8%

The stock has a market cap of $21.75 billion, a P/E ratio of 126.77 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The business has a 50-day simple moving average of $51.99 and a 200-day simple moving average of $46.96.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.80 million for 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%. Analysts expect that IREN Limited will post -1.25 EPS for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently modified their holdings of IREN. Invesco Ltd. boosted its position in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after acquiring an additional 936,333 shares during the period. StoneX Group Inc. bought a new stake in shares of IREN in the second quarter valued at approximately $158,000. NewEdge Advisors LLC boosted its position in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after acquiring an additional 30,736 shares during the period. Sei Investments Co. bought a new stake in shares of IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp boosted its position in shares of IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after acquiring an additional 4,200 shares during the period. 41.08% of the stock is owned by institutional investors.

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.