IREN (NASDAQ:IREN) Shares Up 1.2% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) shot up 1.2% during mid-day trading on Monday . The company traded as high as $48.77 and last traded at $47.23. 40,787,603 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 42,736,430 shares. The stock had previously closed at $46.68.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. BTIG Research reissued a “buy” rating and set a $80.00 price objective on shares of IREN in a research report on Monday, September 14th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price on shares of IREN in a report on Thursday, August 13th. B. Riley Financial lifted their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Citigroup reiterated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Finally, The Goldman Sachs Group reissued a “neutral” rating on shares of IREN in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

IREN Trading Up 1.2%

The firm has a market capitalization of $18.61 billion, a price-to-earnings ratio of -20.18 and a beta of 4.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The company has a 50-day moving average price of $40.45 and a 200-day moving average price of $45.57.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Situational Awareness LP increased its stake in IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of IREN during the 4th quarter worth approximately $158,677,000. Clear Street Group Inc. acquired a new position in shares of IREN in the 4th quarter valued at $137,075,000. Bank of America Corp DE grew its position in shares of IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after buying an additional 788,547 shares during the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of IREN in the 4th quarter valued at $38,730,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.