IREN (NASDAQ:IREN) Stock Rating Raised to Buy at JonesTrading

JonesTrading upgraded shares of IREN (NASDAQ:IREN) from a hold rating to a buy rating in a research note issued to investors on Friday,Benzinga reports. JonesTrading currently has $40.00 target price on the stock.

A number of other brokerages have also issued reports on IREN. Weiss Ratings lowered IREN from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, October 28th. Morgan Stanley cut IREN to a “buy” rating in a research note on Wednesday, September 2nd. Canaccord Genuity Group restated a “buy” rating and set a $79.00 price objective on shares of IREN in a report on Friday, August 28th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $100.00 price objective on shares of IREN in a research note on Thursday, August 13th. Finally, Cantor Fitzgerald decreased their target price on shares of IREN from $99.00 to $47.00 and set an “overweight” rating for the company in a report on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $67.43.

IREN Price Performance

IREN stock opened at $21.64 on Friday. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of -5.30 and a beta of 4.33. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.77. The company’s 50-day moving average price is $35.87 and its two-hundred day moving average price is $43.60. IREN has a 52 week low of $17.16 and a 52 week high of $70.71.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.06. The company had revenue of $228.00 million during the quarter, compared to the consensus estimate of $228.26 million. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. On average, analysts expect that IREN will post -0.49 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Phoenix Financial Ltd. boosted its position in shares of IREN by 11.7% during the 3rd quarter. Phoenix Financial Ltd. now owns 11,000 shares of the company’s stock valued at $451,000 after acquiring an additional 1,150 shares in the last quarter. Eurizon Capital SGR S.p.A. raised its position in IREN by 13.1% in the third quarter. Eurizon Capital SGR S.p.A. now owns 34,405 shares of the company’s stock worth $1,406,000 after purchasing an additional 3,990 shares in the last quarter. R Squared Ltd acquired a new position in IREN in the third quarter worth about $218,000. Nan Fung Trinity HK Ltd. bought a new position in IREN during the third quarter worth about $12,058,000. Finally, Jacobi Capital Management LLC bought a new position in IREN during the third quarter worth about $100,000. 41.08% of the stock is currently owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs.

Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas.