IREN (NASDAQ:IREN) Shares Up 8% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price rose 8% during mid-day trading on Monday . The stock traded as high as $40.21 and last traded at $39.75. Approximately 41,389,489 shares changed hands during trading, a decline of 4% from the average session volume of 42,891,109 shares. The stock had previously closed at $36.80.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 7th. Needham & Company LLC reiterated a “hold” rating on shares of IREN in a report on Tuesday, July 21st. Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. BTIG Research boosted their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, HC Wainwright increased their price objective on shares of IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Stock Performance

The company has a market cap of $13.90 billion, a PE ratio of 81.02 and a beta of 4.29. 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 firm’s 50 day moving average is $48.14 and its 200-day moving average is $47.01.

IREN (NASDAQ:IREN) last issued its 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 $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, research analysts anticipate that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IREN. Situational Awareness LP raised its holdings in shares of IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares in the last quarter. Marex Group plc grew its stake in IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after buying an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in IREN during the fourth quarter worth approximately $158,677,000. Clear Street Group Inc. acquired a new position in IREN during the fourth quarter worth approximately $137,075,000. Finally, Value Aligned Research Advisors LLC boosted its stake in shares of IREN by 10.9% during the third quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock worth $169,979,000 after buying an additional 355,826 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

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.