IREN (NASDAQ:IREN) Shares Up 10.4% – Should You Buy?

IREN Limited (NASDAQ:IREN)’s stock price traded up 10.4% during trading on Wednesday . The company traded as high as $53.12 and last traded at $52.71. 43,003,901 shares traded hands during trading, an increase of 5% from the average session volume of 41,088,090 shares. The stock had previously closed at $47.74.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $70.00 target price on shares of IREN in a research report on Tuesday, February 10th. Cantor Fitzgerald dropped their target price on IREN to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. HC Wainwright raised their target price on IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $44.00 price objective on shares of IREN in a report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and an average target price of $71.77.

IREN Trading Up 10.4%

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 company has a market capitalization of $18.84 billion, a price-to-earnings ratio of 109.81 and a beta of 4.17. The company has a fifty day moving average of $44.74 and a 200-day moving average of $46.47.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. As a group, equities research analysts anticipate that IREN Limited will post -1.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC grew its position in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of IREN in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN in the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN in the fourth quarter valued at approximately $28,000. Finally, Motco purchased a new stake in shares of IREN in the fourth quarter valued at approximately $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.