IREN (NASDAQ:IREN) Stock Price Up 2.7% – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price was up 2.7% during mid-day trading on Friday. The stock traded as high as $43.91 and last traded at $41.76. 40,981,728 shares were traded during trading, a decline of 3% from the average session volume of 42,317,102 shares. The stock had previously closed at $40.65.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IREN shares. Northland Securities assumed coverage on IREN in a report on Friday, September 18th. They set an “outperform” rating and a $99.00 price target on the stock. Jefferies Financial Group started coverage on IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. Weiss Ratings cut IREN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, August 31st. Morgan Stanley lowered shares of IREN to a “buy” rating in a research report on Wednesday, September 2nd. Finally, HC Wainwright restated a “buy” rating and set a $90.00 price objective on shares of IREN in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and an average target price of $81.13.

IREN Trading Up 2.7%

The company has a market cap of $16.46 billion, a price-to-earnings ratio of -17.85 and a beta of 4.26. The business has a fifty day simple moving average of $41.45 and a 200 day simple moving average of $45.82. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clear Street Group Inc. purchased a new position in shares of IREN during the fourth quarter valued at approximately $137,075,000. Situational Awareness LP raised its holdings in 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 acquiring an additional 2,998,214 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of IREN during the 4th quarter worth $38,730,000. Swiss National Bank acquired a new stake in shares of IREN during the first quarter worth $33,032,000. Finally, Amundi boosted its holdings in shares of IREN by 3,865.8% during the first quarter. Amundi now owns 845,113 shares of the company’s stock worth $28,970,000 after purchasing an additional 823,803 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.