IREN (NASDAQ:IREN) Trading 4.7% Higher – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price traded up 4.7% during mid-day trading on Thursday . The company traded as high as $47.58 and last traded at $45.68. 33,748,129 shares changed hands during trading, a decline of 2% from the average session volume of 34,541,883 shares. The stock had previously closed at $43.63.

Wall Street Analyst Weigh In

A number of research firms recently commented on IREN. B. Riley reiterated a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. UBS Group reiterated a “buy” rating on shares of IREN in a research report on Friday, November 7th. Arete Research assumed coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target on the stock. JMP Securities set a $80.00 price objective on shares of IREN in a research report on Wednesday, November 19th. Finally, BTIG Research raised their target price on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $67.64.

IREN Stock Performance

The stock has a market capitalization of $13.05 billion, a PE ratio of 23.73 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The business has a 50 day moving average price of $46.77 and a 200 day moving average price of $37.26.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48). The firm had revenue of $240.30 million for the quarter, compared to the consensus estimate of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. IREN’s quarterly revenue was up 28.3% compared to the same quarter last year. As a group, equities research analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently bought and sold shares of the business. Dynamic Advisor Solutions LLC lifted its stake in IREN by 55.8% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 8,183 shares of the company’s stock valued at $309,000 after acquiring an additional 2,932 shares during the period. Procyon Advisors LLC bought a new stake in IREN in the 4th quarter worth approximately $255,000. Aventura Private Wealth LLC purchased a new stake in IREN during the 4th quarter valued at $28,000. Hudson Bay Capital Management LP bought a new position in shares of IREN during the 3rd quarter valued at $1,089,000. Finally, Value Aligned Research Advisors LLC boosted its stake in shares of IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after buying an additional 607,189 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.