IREN (NASDAQ:IREN) Shares Up 1.7% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price shot up 1.7% on Tuesday . The stock traded as high as $35.77 and last traded at $35.74. 22,219,346 shares traded hands during trading, a decline of 42% from the average session volume of 38,239,063 shares. The stock had previously closed at $35.13.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on IREN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. B. Riley Financial reissued a “buy” rating on shares of IREN in a research report on Friday, February 6th. Cantor Fitzgerald dropped their price target on IREN to $82.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. The Goldman Sachs Group started coverage on IREN in a research report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price target on the stock. Finally, Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Thirteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Stock Performance

The company has a market capitalization of $11.88 billion, a PE ratio of 26.87 and a beta of 4.30. The business’s fifty day moving average is $42.56 and its two-hundred day moving average is $47.70. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. The business’s quarterly revenue was down 23.1% on a year-over-year basis. Equities research analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC purchased a new stake in IREN during the 3rd quarter valued at $25,000. Miller Wealth Advisors LLC raised its stake in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in IREN during the 4th quarter valued at $27,000. Finally, Aventura Private Wealth LLC purchased a new stake in IREN during the 4th quarter valued at $28,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

About IREN

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.