IREN (NASDAQ:IREN) Shares Gap Up – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $33.62, but opened at $36.39. IREN shares last traded at $39.3160, with a volume of 17,291,503 shares changing hands.

Analysts Set New Price Targets

Several brokerages have weighed in on IREN. HC Wainwright boosted their price objective on IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Sanford C. Bernstein set a $96.00 target price on IREN in a report on Thursday, June 4th. The Goldman Sachs Group set a $50.00 price target on IREN in a report on Wednesday, May 27th. Finally, Cantor Fitzgerald raised their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.36.

IREN Price Performance

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $13.66 billion, a PE ratio of 79.95 and a beta of 4.27. The stock’s 50-day moving average is $52.24 and its two-hundred day moving average is $47.62.

IREN (NASDAQ:IREN) last announced 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 firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. On average, equities analysts predict that IREN Limited will post -1.25 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. Marex Group plc lifted its holdings in IREN by 14,216.7% during the 4th 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 bought a new position in IREN in the 4th quarter worth about $158,677,000. Clear Street Group Inc. purchased a new position in shares of IREN during the fourth quarter worth approximately $137,075,000. Situational Awareness LP increased its position in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after acquiring an additional 3,034,254 shares during the period. Finally, Quadrature Capital Ltd raised its stake in shares of IREN by 1,022.2% during the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after acquiring an additional 2,614,835 shares in the last quarter. Hedge funds and other institutional investors 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.