IREN (NASDAQ:IREN) Trading 5.4% Higher – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price traded up 5.4% during mid-day trading on Friday . The stock traded as high as $61.40 and last traded at $59.77. 45,023,366 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 42,578,113 shares. The stock had previously closed at $56.71.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. HC Wainwright upped their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a report on Wednesday, May 27th. JPMorgan Chase & Co. upped their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Thirteen investment 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 has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Stock Performance

The stock has a market cap of $21.36 billion, a price-to-earnings ratio of 124.52 and a beta of 4.22. The stock’s 50 day moving average is $51.99 and its two-hundred day moving average is $46.98. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last issued its quarterly 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). The business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of IREN

A number of large investors have recently bought and sold shares of IREN. Oppenheimer & Co. Inc. lifted its stake in shares of IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after acquiring an additional 19,423 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after acquiring an additional 34,129 shares during the period. Avaii Wealth Management LLC lifted its stake 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 worth $5,506,000 after acquiring an additional 98,581 shares during the period. Private Advisor Group LLC lifted its stake 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 worth $36,684,000 after acquiring an additional 88,081 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of IREN in the 4th quarter worth $939,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.