IREN (NASDAQ:IREN) Given New $85.00 Price Target at HC Wainwright

IREN (NASDAQ:IREN) had its price objective raised by HC Wainwright to $85.00 in a research note published on Friday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a research report on Friday, February 6th. Cantor Fitzgerald cut their price target on shares of IREN to $61.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Wall Street Zen downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Finally, Freedom Capital raised IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, IREN currently has an average rating of “Moderate Buy” and an average price target of $71.23.

IREN Stock Performance

Shares of NASDAQ IREN opened at $61.20 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. IREN has a one year low of $6.77 and a one year high of $76.87. The business’s 50-day moving average price is $42.59 and its two-hundred day moving average price is $46.71. The company has a market capitalization of $20.34 billion, a P/E ratio of 46.02 and a beta of 4.17.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.52). The firm had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. Analysts anticipate that IREN will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new stake in IREN during the third quarter valued at about $25,000. Miller Wealth Advisors LLC increased its stake in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. acquired a new position in shares of IREN during the 4th quarter worth about $26,000. Clearstead Trust LLC acquired a new position in shares of IREN during the 4th quarter worth about $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN during the 4th quarter valued at approximately $28,000. Institutional investors own 41.08% of the company’s stock.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a $3.4 billion AI cloud contract with NVIDIA and announced a strategic partnership tied to up to 5GW of AI infrastructure, boosting confidence in its AI transition. IREN Secures $3.4bn AI Cloud Contract with NVIDIA
• Positive Sentiment: NVIDIA’s option to invest up to $2.1 billion at $70 per share is being viewed as a strong endorsement of IREN’s infrastructure value and growth strategy. Nvidia to invest up to $2.1 billion in IREN as part of AI data center deal
• Positive Sentiment: Analysts turned more constructive, with BTIG and HC Wainwright raising targets to $80 and $85, respectively, implying more upside if execution continues. Benzinga analyst target updates
• Neutral Sentiment: IREN reported weaker-than-expected quarterly revenue and a wider net loss, but investors are largely looking past the results and focusing on future AI cloud growth. IREN Limited’s Q3 Net Loss Widens Q/Q, Revenues Decline
• Neutral Sentiment: IREN expanded into Europe by agreeing to acquire Nostrum Group in Spain, adding about 490MW of secured power and a new development pipeline, which supports longer-term growth but still needs to close. IREN Expands AI Cloud Platform to Europe with Acquisition of Nostrum Group
• Negative Sentiment: Despite the upbeat AI narrative, IREN’s traditional Bitcoin-mining business continues to weaken, and the company still faces execution risk, dilution risk from convertibles, and heavy capex demands. IREN: Many Do Not Understand This Stock Is Undervalued Due To Its Assets

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.