IREN (NASDAQ:IREN) Shares Up 6% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price was up 6% on Monday. The company traded as high as $28.71 and last traded at $28.6060. 20,474,974 shares were traded during mid-day trading, a decline of 52% from the average session volume of 42,939,848 shares. The stock had previously closed at $26.99.

Analysts Set New Price Targets

A number of research analysts recently weighed in on IREN shares. Compass Point reissued a “buy” rating and issued a $85.00 price objective on shares of IREN in a research note on Friday, August 28th. Needham & Company LLC reaffirmed a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. BTIG Research reissued a “buy” rating and issued a $80.00 price target on shares of IREN in a research report on Monday, September 14th. Finally, Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

IREN Stock Performance

The firm has a fifty day simple moving average of $41.06 and a 200 day simple moving average of $45.46. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of -12.21 and a beta of 4.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. GAMMA Investing LLC boosted its stake in IREN by 177.5% during the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after buying an additional 442 shares in the last quarter. Purpose Unlimited Inc. bought a new position in shares of IREN during the 4th quarter worth about $34,000. Harbor Investment Advisory LLC boosted its position in shares of IREN by 521.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 1,037 shares of the company’s stock valued at $47,000 after acquiring an additional 870 shares in the last quarter. Hollencrest Capital Management increased its stake in IREN by 50.0% in the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after acquiring an additional 350 shares during the period. Finally, MCF Advisors LLC lifted its stake in IREN by 5,159.1% during the second quarter. MCF Advisors LLC now owns 1,157 shares of the company’s stock worth $53,000 after purchasing an additional 1,135 shares during the period. 41.08% of the stock is owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN’s operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.