IREN (NASDAQ:IREN) Trading 6.1% Higher – Time to Buy?
by Amy Steele · The Cerbat GemIREN Limited (NASDAQ:IREN – Get Free Report)’s stock price rose 6.1% during mid-day trading on Friday . The company traded as high as $40.74 and last traded at $39.32. Approximately 34,804,946 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 38,018,508 shares. The stock had previously closed at $37.06.
Wall Street Analyst Weigh In
IREN has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on IREN in a research note on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price target on the stock. B. Riley Financial restated a “buy” rating on shares of IREN in a report on Friday, February 6th. Canaccord Genuity Group restated a “buy” rating and issued a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Thirteen equities research 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. According to data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and an average price target of $70.08.
Check Out Our Latest Analysis on IREN
IREN Trading Up 6.1%
The business has a fifty day moving average price of $41.10 and a 200 day moving average price of $47.53. The company has a market capitalization of $13.07 billion, a PE ratio of 29.56 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.
IREN (NASDAQ:IREN – Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company’s quarterly revenue was down 23.1% on a year-over-year basis. Analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.
Institutional Investors Weigh In On IREN
Several hedge funds have recently modified their holdings of the stock. Situational Awareness LP raised its holdings in shares of IREN by 20.5% during the 4th quarter. Situational Awareness LP now owns 8,700,621 shares of the company’s stock valued at $328,622,000 after buying an additional 1,480,200 shares during the period. Marex Group plc raised its holdings in shares of IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after buying an additional 4,440,032 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of IREN during the 4th quarter valued at about $158,677,000. Value Aligned Research Advisors LLC raised its holdings in shares of IREN by 18.6% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after buying an additional 607,189 shares during the period. Finally, Clear Street Group Inc. purchased a new stake in shares of IREN during the 4th quarter valued at about $137,075,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.
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.