IREN (NASDAQ:IREN) Shares Up 5.9% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price traded up 5.9% during mid-day trading on Friday . The stock traded as high as $55.30 and last traded at $55.3360. 14,842,182 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 39,389,961 shares. The stock had previously closed at $52.26.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. BTIG Research increased their price target 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. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Canaccord Genuity Group increased their price objective on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Citizens Jmp began coverage on IREN in a research note on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price on the stock. Finally, Citigroup initiated coverage on IREN in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and an average price target of $69.36.

IREN Stock Up 11.2%

The firm has a 50 day moving average of $45.20 and a 200-day moving average of $39.71. 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 stock has a market capitalization of $16.47 billion, a P/E ratio of 29.93 and a beta of 4.25.

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

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Hood River Capital Management LLC bought a new position in IREN during the second quarter worth about $74,228,000. Situational Awareness LP increased its stake in IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in IREN by 1,444.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after buying an additional 1,545,579 shares during the period. Marshall Wace LLP raised its holdings in IREN by 247.7% during the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after buying an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP bought a new stake in shares of IREN during the second quarter worth $21,025,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.