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

Key Points

• IREN has a “Moderate Buy” consensus rating from 21 analysts: 14 buy, one strong buy, four hold, and two sell ratings. The average 12-month price target is $82.71.
• Recent analyst support includes Canaccord Genuity and Jefferies with $79 targets, while Cantor Fitzgerald raised its target to $99. Institutional investors own 41.08% of IREN, with several firms recently increasing their stakes.
• IREN shares opened at $29.31, well below their 52-week high of $76.87. The company’s latest quarterly results missed estimates, reporting a $0.25 loss per share and $144.79 million in revenue versus the $219.69 million consensus forecast.

IREN Limited (NASDAQ:IREN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-one brokerages that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation, fourteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $82.7143.

Several research firms recently commented on IREN. Compass Point restated a "buy" rating on shares of IREN in a research note on Tuesday, July 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $79.00 price objective on shares of IREN in a research note on Tuesday, July 21st. Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Citigroup restated a "market outperform" rating on shares of IREN in a research report on Tuesday, July 21st. Finally, Jefferies Financial Group began coverage on shares of IREN in a research report on Thursday, June 18th. They set a "buy" rating and a $79.00 target price on the stock.

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Situational Awareness LP lifted its position in IREN by 34.5% during 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 position in IREN in the 1st quarter valued at about $20,878,000. Triglav Investments D.O.O. bought a new position in IREN in the 1st quarter valued at about $871,000. Oppenheimer & Co. Inc. raised its position in shares of IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock valued at $1,018,000 after buying an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its position in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock valued at $1,746,000 after buying an additional 34,129 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Stock Performance

IREN opened at $29.31 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The business has a fifty day simple moving average of $49.66 and a 200 day simple moving average of $47.34. IREN has a 1 year low of $14.72 and a 1 year high of $76.87. The company has a market capitalization of $10.47 billion, a PE ratio of 61.06 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. Research analysts expect that IREN will post -1.96 EPS for the current year.

About IREN

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.

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