IREN (NASDAQ:IREN) Shares Gap Up – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $38.82, but opened at $41.97. IREN shares last traded at $43.8460, with a volume of 12,670,757 shares trading hands.

Analysts Set New Price Targets

IREN has been the subject of several research analyst reports. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Canaccord Genuity Group raised their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Cantor Fitzgerald lifted their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. B. Riley Financial upped their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Jefferies Financial Group initiated coverage on IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target for the company. Fourteen investment 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. Based on data from MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and an average price target of $82.36.

IREN Stock Up 13.4%

The firm’s 50-day simple moving average is $54.72 and its 200-day simple moving average is $47.62. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 92.04 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS 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 analyst estimates of $219.69 million. Sell-side analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Several large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC lifted its position in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. bought a new stake in shares of IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN during the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC acquired a new position in shares of IREN in the fourth quarter valued at $28,000. Finally, Motco acquired a new position in shares of IREN in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.