IREN (NASDAQ:IREN) Trading 3.2% Higher – Here’s Why

IREN Limited (NASDAQ:IREN) was up 3.2% during trading on Thursday . The company traded as high as $61.53 and last traded at $59.96. 38,347,522 shares were traded during trading, a decline of 9% from the average daily volume of 42,319,609 shares. The stock had previously closed at $58.11.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a report on Thursday, June 4th. B. Riley Financial lifted their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. HC Wainwright boosted their price target on shares of IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, The Goldman Sachs Group set a $50.00 price target on shares of IREN in a research report on Wednesday, May 27th. Fourteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Stock Up 3.3%

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 stock has a 50 day simple moving average of $53.46 and a 200 day simple moving average of $47.20. The firm has a market capitalization of $21.45 billion, a PE ratio of 125.02 and a beta of 4.22.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.79 million for the quarter, compared to analysts’ expectations of $219.69 million. As a group, sell-side analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC raised its stake in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN in the fourth quarter worth about $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the fourth quarter worth about $27,000. Aventura Private Wealth LLC purchased a new position in IREN during the 4th quarter valued at about $28,000. Finally, Motco purchased a new position in IREN during the 4th quarter valued at about $30,000. 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.