IREN (NASDAQ:IREN) Stock Price Up 1.8% – Time to Buy?

IREN Limited (NASDAQ:IREN) shares shot up 1.8% on Monday . The stock traded as high as $63.17 and last traded at $60.85. 32,975,833 shares were traded during mid-day trading, a decline of 22% from the average session volume of 42,499,258 shares. The stock had previously closed at $59.77.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on IREN shares. The Goldman Sachs Group set a $50.00 target price on IREN in a research note on Wednesday, May 27th. Freedom Capital upgraded IREN to a “hold” rating in a research note on Wednesday, April 1st. B. Riley Financial upped their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Cantor Fitzgerald upped their target price on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, BTIG Research upped their target price on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.62.

IREN Stock Up 1.8%

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The firm has a 50 day simple moving average of $51.99 and a 200-day simple moving average of $46.96. The stock has a market capitalization of $21.75 billion, a price-to-earnings ratio of 126.77 and a beta of 4.22.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. On average, sell-side analysts forecast that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IREN. Marex Group plc increased its stake in shares of IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after buying an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of IREN in the fourth quarter valued at $158,677,000. Clear Street Group Inc. acquired a new stake in shares of IREN in the fourth quarter valued at $137,075,000. Situational Awareness LP increased its stake in shares of IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after buying an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd increased its stake in shares of IREN by 1,022.2% in the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after buying an additional 2,614,835 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.