IREN (NASDAQ:IREN) Price Target Raised to $96.00

IREN (NASDAQ:IREN) had its price target boosted by equities researchers at B. Riley Financial from $88.00 to $96.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s target price suggests a potential upside of 58.31% from the stock’s current price.

IREN has been the topic of a number of other research reports. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Canaccord Genuity Group upped their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald increased their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. BTIG Research lifted their price target on IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, HC Wainwright boosted their price target on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.31.

IREN Price Performance

NASDAQ IREN opened at $60.64 on Thursday. IREN has a 12-month low of $8.82 and a 12-month high of $76.87. The firm’s 50 day moving average is $49.14 and its 200-day moving average is $46.44. The company has a market capitalization of $21.67 billion, a PE ratio of 129.08 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. Equities research analysts anticipate that IREN will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of IREN

A number of institutional investors have recently modified their holdings of IREN. Oppenheimer & Co. Inc. grew its stake in IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after buying an additional 19,423 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after buying an additional 34,129 shares during the period. Avaii Wealth Management LLC raised its position in shares of IREN by 208.9% in the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after buying an additional 98,581 shares in the last quarter. Private Advisor Group LLC raised its position in shares of IREN by 12.7% in the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock valued at $36,684,000 after buying an additional 88,081 shares in the last quarter. Finally, J.W. Cole Advisors Inc. lifted its holdings in shares of IREN by 175.1% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 107,976 shares of the company’s stock worth $5,067,000 after acquiring an additional 68,726 shares during the period. 41.08% of the stock is currently owned by institutional investors.

IREN Company Profile

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.