IREN (NASDAQ:IREN) Shares Up 10.1% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares shot up 10.1% during trading on Thursday . The company traded as high as $57.09 and last traded at $56.71. 47,471,290 shares were traded during trading, an increase of 12% from the average session volume of 42,544,520 shares. The stock had previously closed at $51.52.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on IREN. BTIG Research raised their price target on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. B. Riley Financial raised their price target on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Finally, HC Wainwright raised their price target on IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Price Performance

The company has a 50 day moving average of $51.99 and a two-hundred day moving average of $46.98. The firm has a market cap of $21.36 billion, a P/E ratio of 124.52 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last announced 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). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. Sell-side analysts expect that IREN Limited will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rathbones Group PLC boosted its stake in IREN by 31.7% during the first quarter. Rathbones Group PLC now owns 26,321 shares of the company’s stock valued at $902,000 after buying an additional 6,333 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its stake in IREN by 14.3% during the first quarter. Pine Valley Investments Ltd Liability Co now owns 30,560 shares of the company’s stock valued at $1,048,000 after buying an additional 3,813 shares in the last quarter. NewEdge Advisors LLC boosted its stake in IREN by 5.7% during the first quarter. NewEdge Advisors LLC now owns 29,461 shares of the company’s stock valued at $1,010,000 after buying an additional 1,588 shares in the last quarter. Western Wealth Management LLC boosted its stake in IREN by 62.4% during the first quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock valued at $307,000 after buying an additional 3,443 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in IREN by 58.4% during the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after buying an additional 788,547 shares in the last quarter. Institutional investors own 41.08% of the company’s stock.

About IREN

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.