IREN (NASDAQ:IREN) Stock Price Up 9.1% – Still a Buy?

IREN Limited (NASDAQ:IREN)’s stock price rose 9.1% on Wednesday . The stock traded as high as $51.71 and last traded at $52.0840. Approximately 18,505,346 shares changed hands during trading, a decline of 55% from the average daily volume of 40,814,098 shares. The stock had previously closed at $47.74.

Wall Street Analyst Weigh In

IREN has been the subject of several recent analyst reports. BTIG Research increased their target price on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. B. Riley Financial restated a “buy” rating on shares of IREN in a research note on Friday, February 6th. Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Canaccord Genuity Group restated a “buy” rating and set a $70.00 target price on shares of IREN in a research note on Tuesday, February 10th. Finally, Freedom Capital upgraded IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.77.

IREN Price Performance

The stock has a 50-day simple moving average of $44.74 and a 200 day simple moving average of $46.47. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a market cap of $18.78 billion, a P/E ratio of 109.34 and a beta of 4.17.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. On average, equities analysts expect that IREN Limited will post -1.09 EPS for the current year.

Hedge Funds Weigh In On IREN

Hedge funds have recently modified their holdings of the stock. Miller Wealth Advisors LLC raised its holdings in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new position in shares of IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC acquired a new position in shares of IREN in the 4th quarter worth approximately $27,000. Aventura Private Wealth LLC acquired a new position in shares of IREN in the 4th quarter worth approximately $28,000. Finally, Motco acquired a new position in shares of IREN in the 4th quarter worth approximately $30,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.