IREN (NASDAQ:IREN) Price Target Raised to $32.00

Key Points

• BTIG Research raised IREN's price target from $22.00 to $32.00, indicating a potential upside of 14.51%.
• Several analysts have recently increased their price targets for IREN, with targets ranging from $16.00 to $41.00 and an average target price of $30.33.
• IREN's stock has seen a remarkable 186% year-to-date increase due to its strategic pivot toward artificial intelligence.

IREN (NASDAQ:IREN - Get Free Report) had its price target lifted by investment analysts at BTIG Research from $22.00 to $32.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's price target would indicate a potential upside of 14.51% from the company's current price.

A number of other analysts have also recently commented on the stock. HC Wainwright boosted their target price on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $16.00 price target (up previously from $12.00) on shares of IREN in a research note on Monday, July 28th. Cantor Fitzgerald raised their price objective on shares of IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Roth Capital restated a "buy" rating and issued a $35.00 price target on shares of IREN in a research note on Friday, August 29th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.33.

IREN Stock Up 6.7%

NASDAQ IREN traded up $1.76 on Tuesday, hitting $27.95. The stock had a trading volume of 21,203,901 shares, compared to its average volume of 19,803,809. IREN has a 52-week low of $5.13 and a 52-week high of $30.01. The business's fifty day moving average price is $19.38 and its 200 day moving average price is $11.89. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 47.37 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. Equities research analysts anticipate that IREN will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Situational Awareness LP raised its position in shares of IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after buying an additional 3,034,254 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in shares of IREN during the 2nd quarter worth about $74,228,000. Invesco Ltd. boosted its stake in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock worth $43,341,000 after acquiring an additional 936,333 shares in the last quarter. Vident Advisory LLC increased its stake in shares of IREN by 0.6% in the first quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after purchasing an additional 18,794 shares during the period. Finally, Two Sigma Investments LP raised its position in shares of IREN by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after buying an additional 1,056,005 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Company Profile

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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