IREN (NASDAQ:IREN) Trading 3% Higher – Still a Buy?

IREN Limited (NASDAQ:IREN) shares traded up 3% during mid-day trading on Wednesday . The stock traded as high as $38.90 and last traded at $36.83. 35,281,954 shares were traded during mid-day trading, a decline of 8% from the average session volume of 38,218,746 shares. The stock had previously closed at $35.74.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 13th. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research report on Friday, February 6th. Finally, The Goldman Sachs Group assumed coverage on IREN in a research report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price objective for the company. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Trading Up 3.0%

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The business has a 50-day simple moving average of $42.08 and a two-hundred day simple moving average of $47.68. The stock has a market cap of $12.24 billion, a price-to-earnings ratio of 27.69 and a beta of 4.30.

IREN (NASDAQ:IREN) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $229.64 million. The firm’s quarterly revenue was down 23.1% on a year-over-year basis. As a group, research analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. CW Advisors LLC boosted its position in IREN by 50.0% during the 2nd quarter. CW Advisors LLC now owns 30,000 shares of the company’s stock worth $437,000 after acquiring an additional 10,000 shares during the last quarter. Invesco Ltd. boosted its position in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the last quarter. StoneX Group Inc. acquired a new stake in shares of IREN in the 2nd quarter valued at approximately $158,000. NewEdge Advisors LLC boosted its holdings in shares of IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after buying an additional 30,736 shares during the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of IREN in the 2nd quarter valued at approximately $2,333,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.