IREN (NASDAQ:IREN) Shares Up 7.7% – Time to Buy?

Shares of IREN Limited (NASDAQ:IREN) were up 7.7% on Friday. The stock traded as high as $43.26 and last traded at $43.7680. 6,983,475 shares traded hands during trading, a decline of 83% from the average session volume of 42,110,527 shares. The stock had previously closed at $40.65.

Analyst Upgrades and Downgrades

IREN has been the topic of a number of research analyst reports. Citigroup reissued a “market outperform” rating on shares of IREN in a research note on Friday, August 28th. Morgan Stanley cut shares of IREN to a “buy” rating in a research report on Wednesday, September 2nd. B. Riley Financial dropped their target price on shares of IREN from $96.00 to $91.00 and set a “buy” rating for the company in a report on Tuesday. The Goldman Sachs Group restated a “neutral” rating on shares of IREN in a research report on Monday, July 20th. Finally, Weiss Ratings cut IREN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average target price of $81.13.

IREN Stock Performance

The stock has a market capitalization of $16.53 billion, a PE ratio of -17.96 and a beta of 4.26. 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 firm’s 50 day moving average is $41.45 and its two-hundred day moving average is $45.82.

Institutional Trading of IREN

A number of large investors have recently modified their holdings of IREN. Situational Awareness LP increased its position in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after buying an additional 2,998,214 shares during the period. Clear Street Group Inc. acquired a new position in IREN during the fourth quarter worth about $137,075,000. Bank of America Corp DE grew its position in IREN by 58.4% during the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after buying an additional 788,547 shares during the period. Capital Research Global Investors purchased a new position in IREN in the fourth quarter valued at about $38,730,000. Finally, Swiss National Bank purchased a new position in IREN in the first quarter valued at about $33,032,000. 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, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.