IREN (NASDAQ:IREN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of IREN (NASDAQ:IREN) from a sell rating to a hold rating in a research report report published on Saturday morning.

Several other brokerages have also issued reports on IREN. B. Riley restated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. BTIG Research lifted their target price on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. The Goldman Sachs Group began coverage on shares of IREN in a research note on Thursday, December 18th. They issued a “neutral” rating and a $39.00 target price on the stock. Macquarie raised their target price on shares of IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, UBS Group reiterated a “buy” rating on shares of IREN in a report on Friday, November 7th. Thirteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.36.

IREN Price Performance

Shares of IREN stock opened at $57.72 on Friday. The stock has a market cap of $16.36 billion, a price-to-earnings ratio of 29.75 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a 50 day moving average price of $45.23 and a 200-day moving average price of $39.26. IREN has a one year low of $5.13 and a one year high of $76.87.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The company had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. The business’s revenue was up 28.3% compared to the same quarter last year. Equities analysts expect that IREN will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

Several hedge funds have recently made changes to their positions in IREN. Global Retirement Partners LLC purchased a new stake in IREN during the 3rd quarter valued at about $25,000. Aventura Private Wealth LLC purchased a new stake in IREN in the fourth quarter valued at approximately $28,000. Allianz SE acquired a new position in IREN in the 3rd quarter worth approximately $57,000. Lodestone Wealth Management LLC purchased a new position in IREN during the 4th quarter worth approximately $57,000. Finally, Sherman Asset Management Inc. acquired a new stake in shares of IREN in the third quarter worth $59,000. 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.