IREN (NASDAQ:IREN) Raised to Buy at JonesTrading

Key Points

• JonesTrading upgraded IREN from Hold to Buy and set a $40 price target, implying 84.84% upside from the stock’s current price.
• Analyst views are mixed: IREN has a consensus “Moderate Buy” rating and an average target of $67.43, though Cantor Fitzgerald and B. Riley recently cut their price targets.
• In its latest quarter, IREN lost $0.66 per share—better than the $0.72 loss analysts expected—while revenue of $228 million was slightly below estimates.

IREN (NASDAQ:IREN - Get Free Report) was upgraded by investment analysts at JonesTrading from a "hold" rating to a "buy" rating in a note issued to investors on Friday, Benzinga reports. The firm currently has a $40.00 target price on the stock. JonesTrading's price objective indicates a potential upside of 84.84% from the stock's current price.

IREN has been the subject of several other research reports. Weiss Ratings downgraded IREN from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, October 28th. Needham & Company LLC reiterated a "hold" rating on shares of IREN in a research note on Tuesday, July 21st. Cantor Fitzgerald reduced their price objective on shares of IREN from $99.00 to $47.00 and set an "overweight" rating on the stock in a research note on Friday. B. Riley Financial lowered their price target on IREN from $91.00 to $64.00 and set a "buy" rating for the company in a report on Friday, October 30th. Finally, Compass Point reiterated a "buy" rating and set a $85.00 price objective on shares of IREN in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.43.

IREN Stock Performance

Shares of IREN stock opened at $21.64 on Friday. The firm has a market cap of $8.53 billion, a PE ratio of -5.30 and a beta of 4.33. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.77. IREN has a 52 week low of $17.16 and a 52 week high of $70.71. The business's fifty day simple moving average is $35.87 and its 200-day simple moving average is $43.60.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $228.00 million for the quarter, compared to analyst estimates of $228.26 million. Equities analysts forecast that IREN will post -0.49 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Situational Awareness LP boosted its position 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 period. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of IREN during the 1st quarter valued at $20,878,000. Triglav Investments D.O.O. purchased a new position in shares of IREN during the 1st quarter valued at $871,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of IREN during the 2nd quarter valued at $2,989,000. Finally, Secure Asset Management LLC purchased a new position in shares of IREN during the 3rd quarter valued at $2,820,000. Institutional investors own 41.08% of the company's stock.

IREN Company Profile

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.

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