IREN (NASDAQ:IREN) Trading Up 1.8% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price was up 1.8% during trading on Monday . The company traded as high as $63.17 and last traded at $60.85. Approximately 32,975,833 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 42,499,258 shares. The stock had previously closed at $59.77.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IREN shares. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Canaccord Genuity Group boosted their price target on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research report on Thursday, June 4th. Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Finally, JPMorgan Chase & Co. upped 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. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $82.62.

IREN Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market cap of $20.77 billion, a P/E ratio of 121.06 and a beta of 4.22. The company’s 50 day simple moving average is $53.46 and its 200 day simple moving average is $47.20.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm 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%. As a group, equities analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IREN. Marex Group plc boosted its holdings in shares of IREN by 14,216.7% in the fourth 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 acquired a new position in shares of IREN in the fourth quarter valued at approximately $158,677,000. Clear Street Group Inc. acquired a new position in shares of IREN in the fourth quarter valued at approximately $137,075,000. Situational Awareness LP boosted its holdings in shares of IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after buying an additional 3,034,254 shares during the period. Finally, Quadrature Capital Ltd boosted its holdings in shares of IREN by 1,022.2% in the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after buying an additional 2,614,835 shares during the period. Institutional investors and hedge funds 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.