IREN Limited (NASDAQ:IREN) Given Consensus Rating of "Buy" by Analysts

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) have been given an average recommendation of "Buy" by the eleven brokerages that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $20.44.

Several research firms have recently issued reports on IREN. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. HC Wainwright cut their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. B. Riley reiterated a "buy" rating and set a $22.00 price target (up previously from $15.00) on shares of IREN in a research note on Thursday, July 10th. Macquarie raised their target price on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 target price on shares of IREN in a report on Friday, May 16th.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in shares of IREN by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock valued at $80,000 after purchasing an additional 1,387 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of IREN by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company's stock valued at $123,000 after acquiring an additional 2,035 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of IREN by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company's stock valued at $892,000 after acquiring an additional 3,307 shares during the last quarter. TRU Independence Asset Management 2 LLC boosted its holdings in IREN by 22.1% during the 1st quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company's stock valued at $123,000 after acquiring an additional 3,670 shares during the period. Finally, Belpointe Asset Management LLC grew its position in IREN by 21.8% during the 1st quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock worth $152,000 after acquiring an additional 4,465 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Down 0.6%

Shares of NASDAQ IREN opened at $17.94 on Friday. The stock's 50-day simple moving average is $11.75 and its 200-day simple moving average is $9.69. IREN has a 1 year low of $5.13 and a 1 year high of $18.86.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. The business had revenue of $148.10 million during the quarter, compared to the consensus estimate of $153.38 million. Research analysts forecast that IREN will post 0.43 earnings per share for the current fiscal year.

IREN Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.

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