Brokerages Set IREN Limited (NASDAQ:IREN) Target Price at $82.62

Shares of IREN Limited (NASDAQ:IREN) have been given an average rating of “Moderate Buy” by the nineteen analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $82.6154.

IREN has been the subject of several recent research reports. BTIG Research boosted their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Canaccord Genuity Group boosted their target price on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research report on Wednesday, May 27th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Marex Group plc increased its position in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of IREN during the fourth quarter worth about $158,677,000. Clear Street Group Inc. purchased a new position in IREN during the fourth quarter worth about $137,075,000. Situational Awareness LP boosted 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 worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Finally, Quadrature Capital Ltd boosted 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 worth $108,424,000 after purchasing an additional 2,614,835 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

IREN Trading Up 5.4%

IREN opened at $59.77 on Wednesday. IREN has a 1-year low of $9.52 and a 1-year high of $76.87. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market cap of $21.36 billion, a P/E ratio of 124.52 and a beta of 4.22. The company has a fifty day moving average price of $51.99 and a two-hundred day moving average price of $46.98.

IREN (NASDAQ:IREN) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Analysts predict that IREN will post -1.25 EPS for the current fiscal year.

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.