IREN (NASDAQ:IREN) Trading Up 9.5% – Still a Buy?
by Teresa Graham · The Cerbat GemShares of IREN Limited (NASDAQ:IREN – Get Free Report) were up 9.5% on Monday . The company traded as high as $43.53 and last traded at $43.07. Approximately 38,667,124 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 38,033,941 shares. The stock had previously closed at $39.32.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on IREN shares. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research note on Friday, February 6th. Wall Street Zen downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday, January 13th. Finally, Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Thirteen equities research 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.08.
Get Our Latest Research Report on IREN
IREN Stock Up 9.9%
The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The company has a 50 day simple moving average of $40.47 and a two-hundred day simple moving average of $47.57. The firm has a market capitalization of $15.73 billion, a P/E ratio of 35.59 and a beta of 4.30.
IREN (NASDAQ:IREN – Get Free Report) last released its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. IREN’s revenue was down 23.1% compared to the same quarter last year. On average, equities analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in IREN. Purpose Unlimited Inc. purchased a new stake in shares of IREN in the fourth quarter worth about $34,000. Corient Private Wealth LLC purchased a new position in IREN during the 4th quarter valued at approximately $220,000. Caitong International Asset Management Co. Ltd grew its holdings in IREN by 134,143.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 251,035 shares of the company’s stock valued at $9,482,000 after buying an additional 250,848 shares in the last quarter. Kera Capital Partners Inc. bought a new stake in IREN in the 4th quarter worth approximately $167,000. Finally, Walser Wealth Management Company A Ltd Liability Co bought a new stake in IREN in the 4th quarter worth approximately $246,000. Hedge funds and other 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.