IREN (NASDAQ:IREN) Shares Up 8.5% – Should You Buy?

IREN Limited (NASDAQ:IREN) shot up 8.5% during mid-day trading on Friday . The company traded as high as $58.58 and last traded at $56.68. 56,222,298 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 42,505,617 shares. The stock had previously closed at $52.26.

Analyst Ratings Changes

A number of research firms have weighed in on IREN. JPMorgan Chase & Co. boosted their price target on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. UBS Group reiterated a “buy” rating on shares of IREN in a report on Friday, November 7th. Citigroup initiated coverage on shares of IREN in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Citizens Jmp started coverage on IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 price target on the stock. Finally, HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, January 13th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Trading Up 8.5%

The business’s 50-day simple moving average is $45.20 and its 200-day simple moving average is $39.71. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a market cap of $16.07 billion, a PE ratio of 29.22 and a beta of 4.25.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.48). IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The business had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. The firm’s revenue was up 28.3% on a year-over-year basis. As a group, analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Institutional investors have recently bought and sold shares of the business. Situational Awareness LP boosted its holdings in shares of IREN by 90.1% in the 2nd 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 in the last quarter. Hood River Capital Management LLC acquired a new position in IREN in the second quarter worth $74,228,000. Value Aligned Research Advisors LLC grew its holdings in shares of IREN by 18.6% during the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after purchasing an additional 607,189 shares during the last quarter. Invesco Ltd. grew its holdings in shares of IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares during the last quarter. Finally, UBS Group AG increased its stake in shares of IREN by 37.3% in the third quarter. UBS Group AG now owns 2,767,452 shares of the company’s stock valued at $129,877,000 after buying an additional 751,635 shares in the last quarter. Institutional investors and hedge funds 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.