IREN (NASDAQ:IREN) Raised to Buy at JonesTrading

IREN (NASDAQ:IREN) was upgraded by stock analysts at JonesTrading from a “hold” rating to a “buy” rating in a research report issued on Friday, Benzinga reports. The firm currently has a $40.00 price objective on the stock. JonesTrading‘s target price indicates a potential upside of 84.84% from the stock’s current price.

Several other research firms have also issued reports on IREN. Citigroup restated a “market outperform” rating on shares of IREN in a research report on Friday, August 28th. B. Riley Financial dropped their price target on IREN from $91.00 to $64.00 and set a “buy” rating on the stock in a report on Friday, October 30th. UBS Group reiterated an “overweight” rating on shares of IREN in a research report on Monday. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research note on Tuesday, July 21st. Finally, Compass Point reissued a “buy” rating and set a $85.00 price objective on shares of IREN in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.43.

IREN Stock Performance

Shares of IREN opened at $21.64 on Friday. The firm’s 50 day moving average is $35.87 and its 200-day moving average is $43.60. The stock has a market capitalization of $8.53 billion, a P/E ratio of -5.30 and a beta of 4.33. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.60 and a quick ratio of 1.60. IREN has a 12-month low of $17.16 and a 12-month high of $70.71.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, November 5th. The company reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.06. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. The business had revenue of $228.00 million for the quarter, compared to the consensus estimate of $228.26 million. Equities research analysts anticipate that IREN will post -0.49 EPS for the current fiscal year.

Institutional Trading of IREN

A number of hedge funds have recently bought and sold shares of the company. Phoenix Financial Ltd. boosted its holdings in shares of IREN by 11.7% in the third quarter. Phoenix Financial Ltd. now owns 11,000 shares of the company’s stock worth $451,000 after buying an additional 1,150 shares during the period. Eurizon Capital SGR S.p.A. raised its holdings in shares of IREN by 13.1% during the third quarter. Eurizon Capital SGR S.p.A. now owns 34,405 shares of the company’s stock valued at $1,406,000 after acquiring an additional 3,990 shares during the period. R Squared Ltd purchased a new stake in shares of IREN in the 3rd quarter valued at approximately $218,000. Nan Fung Trinity HK Ltd. purchased a new stake in shares of IREN in the 3rd quarter valued at approximately $12,058,000. Finally, Jacobi Capital Management LLC purchased a new stake in shares of IREN in the 3rd quarter valued at approximately $100,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs.

Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas.