IREN (NASDAQ:IREN) Trading 1% Higher – Should You Buy?

IREN Limited (NASDAQ:IREN) was up 1% on Monday . The stock traded as high as $35.67 and last traded at $35.13. Approximately 21,414,914 shares were traded during trading, a decline of 44% from the average daily volume of 38,485,652 shares. The stock had previously closed at $34.77.

Wall Street Analysts Forecast Growth

Several research firms have commented on IREN. B. Riley Financial restated a “buy” rating on shares of IREN in a report on Friday, February 6th. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Cantor Fitzgerald decreased their target price on shares of IREN to $82.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. The Goldman Sachs Group assumed coverage on shares of IREN in a research report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target for the company. Finally, Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Trading Up 1.0%

The firm’s 50 day simple moving average is $42.91 and its 200-day simple moving average is $47.71. The company has a market capitalization of $11.67 billion, a PE ratio of 26.41 and a beta of 4.30. 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 posted its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The business’s revenue for the quarter was down 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Steward Partners Investment Advisory LLC grew its stake in shares of IREN by 929.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,978 shares of the company’s stock valued at $204,000 after acquiring an additional 12,620 shares in the last quarter. CW Advisors LLC boosted its stake in shares of IREN by 50.0% during the 2nd quarter. CW Advisors LLC now owns 30,000 shares of the company’s stock valued at $437,000 after buying an additional 10,000 shares during the last quarter. Invesco Ltd. boosted its stake in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after buying an additional 936,333 shares during the last quarter. StoneX Group Inc. acquired a new stake in shares of IREN during the second quarter worth approximately $158,000. Finally, Ardmore Road Asset Management LP acquired a new stake in IREN in the second quarter valued at $4,210,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.