IREN (NASDAQ:IREN) Upgraded at JonesTrading

JonesTrading upgraded shares of IREN (NASDAQ:IREN) from a hold rating to a buy rating in a research report report published on Friday morning,Benzinga reports. The brokerage currently has $40.00 target price on the stock.

A number of other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. upgraded IREN from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $46.00 to $65.00 in a research note on Monday, September 14th. Compass Point reissued a “buy” rating and issued a $85.00 target price on shares of IREN in a research note on Friday, August 28th. UBS Group reissued an “overweight” rating on shares of IREN in a research note on Monday. Rothschild & Co Redburn started coverage on IREN in a research report on Monday, September 21st. They issued a “neutral” rating and a $40.00 price target for the company. Finally, Weiss Ratings downgraded shares of IREN from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.43.

IREN Stock Performance

Shares of IREN stock opened at $21.64 on Friday. The company’s fifty day moving average price is $35.87 and its 200-day moving average price is $43.60. The stock has a market cap of $8.53 billion, a PE ratio of -5.30 and a beta of 4.33. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.77. IREN has a 12 month low of $17.16 and a 12 month high of $70.71.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.06. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. The company had revenue of $228.00 million during the quarter, compared to analyst estimates of $228.26 million. On average, equities analysts expect that IREN will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several large investors have recently bought and sold shares of the business. Situational Awareness LP raised its stake in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Bank of America Corp DE increased its holdings in IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after buying an additional 788,547 shares during the period. Swiss National Bank acquired a new position in IREN in the 1st quarter worth approximately $33,032,000. Amundi raised its position in IREN by 3,865.8% during the 1st quarter. Amundi now owns 845,113 shares of the company’s stock worth $28,970,000 after buying an additional 823,803 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in IREN during the 1st quarter worth approximately $20,878,000. 41.08% of the stock is currently owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs.

Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas.