IREN (NASDAQ:IREN) Shares Up 6% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares traded up 6% during mid-day trading on Thursday . The stock traded as high as $36.93 and last traded at $35.80. 27,056,106 shares changed hands during trading, an increase of 3% from the average session volume of 26,267,697 shares. The stock had previously closed at $33.78.

Analysts Set New Price Targets

A number of brokerages recently commented on IREN. Arete Research began coverage on IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price for the company. Weiss Ratings reissued a “hold (c)” rating on shares of IREN in a research note on Monday. Zacks Research upgraded shares of IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. upped their target price on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, November 24th. Finally, The Goldman Sachs Group assumed coverage on shares of IREN in a research report on Thursday. They issued a “neutral” rating and a $39.00 price target for the company. Twelve analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.64.

IREN Price Performance

The stock’s 50 day moving average is $53.37 and its two-hundred day moving average is $33.66. The stock has a market capitalization of $10.15 billion, a PE ratio of 18.45 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

Institutional Investors Weigh In On IREN

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Centaurus Financial Inc. grew its stake in IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after buying an additional 332 shares during the last quarter. Larson Financial Group LLC lifted its stake in IREN by 26.7% in the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after buying an additional 335 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter valued at approximately $25,000. SLT Holdings LLC boosted its holdings in shares of IREN by 6.0% in the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock valued at $497,000 after acquiring an additional 600 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of IREN by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock worth $1,174,000 after acquiring an additional 845 shares during the last quarter. 41.08% of the stock is currently 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.