IREN (NASDAQ:IREN) Stock Price Up 2% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price shot up 2% during mid-day trading on Tuesday . The company traded as high as $66.50 and last traded at $66.62. 56,207,710 shares were traded during mid-day trading, a decline of 0% from the average session volume of 56,350,976 shares. The stock had previously closed at $65.33.

Analysts Set New Price Targets

Several brokerages have weighed in on IREN. B. Riley Financial boosted their price objective on IREN from $83.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Freedom Capital raised IREN to a “hold” rating in a research note on Wednesday, April 1st. HC Wainwright upped their target price on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, BTIG Research upped their target price on IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Thirteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, IREN currently has an average rating of “Moderate Buy” and an average target price of $79.69.

IREN Stock Performance

The firm has a fifty day moving average price of $48.17 and a 200 day moving average price of $46.24. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The stock has a market cap of $23.81 billion, a PE ratio of 138.79 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. Research analysts forecast that IREN Limited will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC raised its stake in shares of 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. acquired a new stake in IREN in the 4th quarter worth about $26,000. Clearstead Trust LLC acquired a new stake in IREN in the 4th quarter worth about $27,000. Aventura Private Wealth LLC acquired a new stake in IREN in the 4th quarter worth about $28,000. Finally, Motco acquired a new stake in IREN in the 4th quarter worth about $30,000. Hedge funds and other institutional investors 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.