IREN (NASDAQ:IREN) Trading Up 10.1% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares shot up 10.1% during trading on Thursday . The company traded as high as $58.10 and last traded at $58.06. 49,422,911 shares were traded during mid-day trading, an increase of 20% from the average session volume of 41,142,504 shares. The stock had previously closed at $52.71.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent analyst reports. B. Riley Financial reiterated a “buy” rating on shares of IREN in a report on Friday, February 6th. Freedom Capital raised IREN to a “hold” rating in a research report on Wednesday, April 1st. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Cantor Fitzgerald lowered their target price on IREN to $61.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $44.00 target price on shares of IREN in a report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average target price of $71.77.

IREN Stock Performance

The stock has a fifty day simple moving average of $45.72 and a 200-day simple moving average of $46.48. The stock has a market cap of $20.31 billion, a P/E ratio of 118.40 and a beta of 4.17. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, equities analysts expect that IREN Limited will post -1.09 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. CENTRAL TRUST Co raised its holdings in shares of IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after purchasing an additional 245 shares during the last quarter. Vermillion Wealth Management Inc. boosted its holdings in IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock worth $70,000 after purchasing an additional 328 shares during the last quarter. Centaurus Financial Inc. increased its stake in IREN by 1.1% in the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after buying an additional 332 shares during the last quarter. Larson Financial Group LLC lifted its position in IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after buying an additional 335 shares in the last quarter. Finally, Hollencrest Capital Management lifted its position in IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after buying an additional 350 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.