IREN (NASDAQ:IREN) Reaches New 12-Month High - Here's Why

Key Points

• IREN Limited's stock reached a new 12-month high, trading at $29.85, significantly up from its previous close of $26.48.
• Analysts have upgraded their price targets for IREN, with Cantor Fitzgerald raising it to $41.00 and Canaccord Genuity increasing it to $37.00, reflecting strong confidence in the company's performance.
• IREN reported earnings of $0.19 per share for the last quarter, beating estimates, and has seen a year-to-date stock increase of 186% driven by its AI pivot.

IREN Limited (NASDAQ:IREN - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.85 and last traded at $29.11, with a volume of 50735147 shares changing hands. The stock had previously closed at $26.48.

Wall Street Analyst Weigh In

IREN has been the topic of several research analyst reports. Jones Trading lowered shares of IREN from a "buy" rating to a "hold" rating in a report on Tuesday. JPMorgan Chase & Co. restated a "neutral" rating and issued a $16.00 price objective (up from $12.00) on shares of IREN in a report on Monday, July 28th. HC Wainwright boosted their price objective on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a report on Friday, August 29th. B. Riley lifted their target price on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $35.00 target price on shares of IREN in a research report on Friday, August 29th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.44.

IREN Price Performance

The company has a 50 day moving average price of $18.64 and a 200 day moving average price of $11.62. The firm has a market cap of $4.91 billion, a PE ratio of 44.29 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 0.46.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. Sell-side analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. increased its position in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock worth $66,000 after purchasing an additional 1,839 shares in the last quarter. Main Management LLC purchased a new stake in IREN in the 4th quarter valued at about $49,000. Crewe Advisors LLC purchased a new stake in IREN in the 1st quarter valued at about $39,000. Quarry LP purchased a new stake in IREN in the 1st quarter valued at about $40,000. Finally, Tower Research Capital LLC TRC grew its holdings in IREN by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after buying an additional 7,646 shares during the period. Hedge funds and other institutional investors own 41.08% of the company's stock.

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.