IREN (NASDAQ:IREN) Trading 2% Higher – Should You Buy?

IREN Limited (NASDAQ:IREN) shares shot up 2% during mid-day trading on Tuesday . The stock traded as high as $66.50 and last traded at $66.62. 56,207,710 shares were traded during mid-day trading, a decline of 0% from the average session volume of 56,350,976 shares. The stock had previously closed at $65.33.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IREN shares. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Freedom Capital upgraded shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. Cantor Fitzgerald increased their price target on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. HC Wainwright lifted their price target on IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Macquarie Infrastructure reissued an “outperform” rating and issued a $90.00 price objective on shares of IREN in a report on Wednesday. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.69.

IREN Trading Down 1.7%

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 business’s fifty day simple moving average is $49.14 and its 200 day simple moving average is $46.44. The stock has a market cap of $23.40 billion, a price-to-earnings ratio of 136.42 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. On average, research analysts predict that IREN Limited will post -1.17 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. Miller Wealth Advisors LLC boosted its stake in 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 acquiring an additional 480 shares during the period. North Star Investment Management Corp. acquired a new stake in shares of IREN during the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $27,000. Aventura Private Wealth LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $28,000. Finally, Motco acquired a new position in IREN during the 4th quarter valued at approximately $30,000. Institutional investors 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.