IREN (NASDAQ:IREN) Trading Up 14.6% – What’s Next?

IREN Limited (NASDAQ:IREN) was up 14.6% during mid-day trading on Tuesday . The company traded as high as $60.00 and last traded at $59.99. Approximately 54,093,356 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 43,204,656 shares. The stock had previously closed at $52.36.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IREN shares. Roth Mkm set a $94.00 price target on IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. B. Riley restated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Canaccord Genuity Group lifted their target price on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a report on Monday, November 10th. Citigroup assumed coverage on shares of IREN in a research report on Wednesday, November 19th. They issued an “outperform” rating for the company. Finally, BTIG Research raised their price objective on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $69.36.

IREN Price Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The company has a 50 day moving average price of $45.50 and a 200 day moving average price of $40.56. The firm has a market cap of $17.01 billion, a PE ratio of 30.92 and a beta of 4.25.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). The firm had revenue of $240.30 million during the quarter, compared to analysts’ expectations of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. Sell-side analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Situational Awareness LP boosted its holdings in IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of IREN in the 2nd quarter valued at approximately $74,228,000. Value Aligned Research Advisors LLC lifted its holdings in shares of IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after buying an additional 607,189 shares during the period. Invesco Ltd. boosted its stake 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 buying an additional 936,333 shares in the last quarter. Finally, UBS Group AG grew its holdings in IREN by 37.3% during the third quarter. UBS Group AG now owns 2,767,452 shares of the company’s stock worth $129,877,000 after acquiring an additional 751,635 shares during the period. 41.08% of the stock is currently 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.