IREN (NASDAQ:IREN) Trading 3.1% Higher – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price shot up 3.1% on Tuesday . The stock traded as high as $36.76 and last traded at $36.59. 44,137,418 shares traded hands during trading, an increase of 68% from the average session volume of 26,230,000 shares. The stock had previously closed at $35.48.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IREN shares. Jones Trading cut shares of IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. increased their price objective on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Citizens Jmp began coverage on shares of IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price on the stock. Canaccord Genuity Group raised their price objective on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, UBS Group reaffirmed a “buy” rating on shares of IREN in a research note on Friday, November 7th. Twelve analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and an average target price of $69.85.

IREN Price Performance

The stock’s 50-day simple moving average is $54.40 and its two-hundred day simple moving average is $33.46. The firm has a market cap of $10.37 billion, a P/E ratio of 18.86 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

Institutional Investors Weigh In On IREN

Institutional investors and hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter worth $25,000. Quarry LP bought a new position in shares of IREN in the first quarter worth about $40,000. Allianz SE purchased a new position in IREN in the 3rd quarter worth about $57,000. Sherman Asset Management Inc. bought a new stake in IREN during the 3rd quarter valued at about $59,000. Finally, Advisors Asset Management Inc. boosted its position in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after buying an additional 1,839 shares during the period. 41.08% of the stock is owned by 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.