IREN (NASDAQ:IREN) Trading 8.9% Higher – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price traded up 8.9% during mid-day trading on Monday . The stock traded as high as $59.67 and last traded at $59.19. 40,863,313 shares were traded during mid-day trading, a decline of 4% from the average session volume of 42,377,098 shares. The stock had previously closed at $54.35.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a report on Thursday. Freedom Capital upgraded IREN to a “hold” rating in a research note on Wednesday, April 1st. The Goldman Sachs Group set a $50.00 price target on IREN in a research note on Wednesday, May 27th. Canaccord Genuity Group raised their price target on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Up 8.9%

The company has a market capitalization of $21.15 billion, a PE ratio of 123.31 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company has a 50-day moving average of $49.82 and a two-hundred day moving average of $46.60.

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

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Marex Group plc raised its holdings in IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new stake in IREN during the fourth quarter valued at about $158,677,000. Clear Street Group Inc. bought a new stake in IREN during the fourth quarter valued at about $137,075,000. Situational Awareness LP raised its holdings in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after acquiring an additional 3,034,254 shares during the period. Finally, Quadrature Capital Ltd raised its holdings in IREN by 1,022.2% during the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after acquiring an additional 2,614,835 shares during the period. 41.08% of the stock is currently owned by hedge funds and other 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.