IREN (NASDAQ:IREN) Trading 2% Higher – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price traded up 2% during trading on Thursday . The stock traded as high as $35.03 and last traded at $34.77. 29,911,642 shares traded hands during trading, a decline of 23% from the average session volume of 38,753,309 shares. The stock had previously closed at $34.09.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent research reports. B. Riley Financial restated a “buy” rating on shares of IREN in a research report on Friday, February 6th. Canaccord Genuity Group restated a “buy” rating and set a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. HC Wainwright raised IREN from a “sell” rating to a “buy” rating and set a $80.00 price target for the company in a research note on Tuesday, January 13th. Zacks Research upgraded shares of IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.69.

IREN Price Performance

The company has a 50 day moving average of $43.69 and a 200 day moving average of $47.67. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of 26.14 and a beta of 4.29.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. IREN’s revenue for the quarter was down 23.1% compared to the same quarter last year. Equities research analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently modified their holdings of IREN. Purpose Unlimited Inc. bought a new stake in IREN during the 4th quarter worth approximately $34,000. Corient Private Wealth LLC bought a new position in IREN in the fourth quarter valued at approximately $220,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of IREN by 134,143.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 251,035 shares of the company’s stock valued at $9,482,000 after buying an additional 250,848 shares during the period. Kera Capital Partners Inc. acquired a new position in shares of IREN in the fourth quarter valued at approximately $167,000. Finally, Walser Wealth Management Company A Ltd Liability Co bought a new stake in shares of IREN during the fourth quarter worth $246,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.