IREN (NASDAQ:IREN) Stock Price Up 10.3% – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) were up 10.3% during mid-day trading on Monday . The stock traded as high as $47.19 and last traded at $46.15. Approximately 48,047,091 shares changed hands during trading, an increase of 3% from the average daily volume of 46,504,879 shares. The stock had previously closed at $41.83.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of analyst reports. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a report on Saturday. JMP Securities set a $80.00 target price on shares of IREN in a report on Wednesday, November 19th. B. Riley Financial restated a “buy” rating on shares of IREN in a report on Friday. UBS Group reiterated a “buy” rating on shares of IREN in a research note on Friday, November 7th. Finally, Canaccord Genuity Group upped their target price on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. 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. Based on data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and an average target price of $72.29.

IREN Trading Up 10.3%

The firm has a market capitalization of $13.08 billion, a PE ratio of 34.70 and a beta of 4.26. The company’s fifty day simple moving average is $46.44 and its 200-day simple moving average is $42.95. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

IREN (NASDAQ:IREN) last announced its earnings results on Thursday, February 5th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.45). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The firm’s revenue was down 23.1% on a year-over-year basis. As a group, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in IREN during the third quarter worth about $25,000. Miller Wealth Advisors LLC increased its holdings in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in IREN in the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new position in shares of IREN during the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC acquired a new stake in shares of IREN during the 4th quarter worth about $28,000. 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.