Brokerages Set IREN Limited (NASDAQ:IREN) Price Target at $20.30

IREN Limited (NASDAQ:IREN - Get Free Report) has been assigned an average rating of "Buy" from the twelve brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $20.30.

IREN has been the subject of a number of research reports. Macquarie upped their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. B. Riley upped their price objective on shares of IREN from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wall Street Zen lowered shares of IREN from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. Finally, JPMorgan Chase & Co. raised shares of IREN from a "neutral" rating to an "overweight" rating and lowered their price objective for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th.

IREN Trading Up 6.8%

Shares of IREN stock traded up $0.89 during trading hours on Wednesday, hitting $14.00. The stock had a trading volume of 37,771,359 shares, compared to its average volume of 16,309,596. The stock's 50-day moving average price is $8.64 and its two-hundred day moving average price is $9.17. IREN has a one year low of $5.13 and a one year high of $15.92.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $148.10 million for the quarter, compared to the consensus estimate of $153.38 million. Equities research analysts predict that IREN will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds have recently made changes to their positions in the company. HM Payson & Co. acquired a new position in shares of IREN in the 4th quarter valued at $30,000. Crewe Advisors LLC acquired a new stake in IREN during the 1st quarter worth about $39,000. Quarry LP acquired a new stake in IREN during the 1st quarter worth about $40,000. Main Management LLC acquired a new stake in IREN during the 4th quarter worth about $49,000. Finally, Delta Financial Group Inc. acquired a new stake in IREN during the 1st quarter worth about $61,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

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