JPMorgan Chase & Co. Upgrades IREN (NASDAQ:IREN) to Overweight

Key Points

• JPMorgan upgraded IREN from “underweight” to “overweight” and raised its price target from $46 to $65, implying 48.3% upside from the reported current price.
• Analyst sentiment is broadly positive: IREN has a “Moderate Buy” consensus rating and an average price target of $82.93, despite some neutral and sell ratings.
• IREN shares opened at $43.83, with a market capitalization of $17.27 billion; institutional investors and hedge funds own 41.08% of the stock.

IREN (NASDAQ:IREN - Get Free Report) was upgraded by equities research analysts at JPMorgan Chase & Co. from an "underweight" rating to an "overweight" rating in a report issued on Monday, Benzinga reports. The brokerage presently has a $65.00 target price on the stock, up from their prior target price of $46.00. JPMorgan Chase & Co.'s target price points to a potential upside of 48.30% from the company's current price.

Several other analysts also recently weighed in on IREN. The Goldman Sachs Group reiterated a "neutral" rating on shares of IREN in a research report on Monday, July 20th. B. Riley Financial upped their target price on shares of IREN from $88.00 to $96.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. HC Wainwright restated a "buy" rating and issued a $90.00 price target on shares of IREN in a research note on Friday, August 28th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $100.00 price target on shares of IREN in a report on Thursday, August 13th. Finally, Weiss Ratings cut IREN from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IREN has an average rating of "Moderate Buy" and an average target price of $82.93.

IREN Stock Performance

IREN stock opened at $43.83 on Monday. IREN has a 1 year low of $28.93 and a 1 year high of $76.87. The stock has a market capitalization of $17.27 billion, a price-to-earnings ratio of -18.73 and a beta of 4.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The stock's fifty day moving average is $40.29 and its two-hundred day moving average is $45.56.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its holdings in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after buying an additional 936,333 shares in the last quarter. StoneX Group Inc. acquired a new position in shares of IREN in the 2nd quarter worth $158,000. NewEdge Advisors LLC grew its holdings in shares of IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company's stock worth $631,000 after acquiring an additional 30,736 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of IREN during the second quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp raised its position in shares of IREN by 30.0% during the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company's stock worth $265,000 after purchasing an additional 4,200 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.

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