Canaccord Genuity Group Issues Positive Forecast for IREN (NASDAQ:IREN) Stock Price

Key Points

• Canaccord Genuity Group has raised the price target for IREN from $23.00 to $37.00, indicating a potential upside of 60.59% from the stock's current price.
• Several analysts have varying ratings for IREN, with one assigning a Strong Buy, eight a Buy, and two a Hold, leading to an average rating of "Moderate Buy" with a consensus target price of $22.44.
• IREN Limited operates bitcoin mining data centers and has seen significant changes in institutional holdings, with hedge funds owning approximately 41.08% of the company's stock.

IREN (NASDAQ:IREN - Get Free Report) had its price target upped by research analysts at Canaccord Genuity Group from $23.00 to $37.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 39.73% from the stock's previous close.

A number of other research firms also recently issued reports on IREN. JPMorgan Chase & Co. reissued a "neutral" rating and set a $16.00 price target (up previously from $12.00) on shares of IREN in a research report on Monday, July 28th. HC Wainwright reduced their price objective on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Macquarie boosted their price objective on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. B. Riley restated a "buy" rating and set a $22.00 price objective (up previously from $15.00) on shares of IREN in a research note on Thursday, July 10th. Finally, Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.88.

IREN Trading Up 14.9%

IREN stock traded up $3.44 during trading on Friday, reaching $26.48. 76,287,263 shares of the stock traded hands, compared to its average volume of 24,413,336. The business's 50 day moving average price is $17.96 and its 200-day moving average price is $11.38. IREN has a 52-week low of $5.13 and a 52-week high of $29.50. 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 firm has a market capitalization of $4.97 billion, a PE ratio of 441.33 and a beta of 4.03.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IREN. Hood River Capital Management LLC acquired a new position in shares of IREN in the second quarter worth about $74,228,000. Situational Awareness LP bought a new stake in IREN in the first quarter valued at about $20,500,000. Merewether Investment Management LP bought a new stake in IREN in the second quarter valued at about $21,025,000. Two Sigma Investments LP increased its holdings in IREN by 193.2% in 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. Finally, Alkeon Capital Management LLC bought a new stake in IREN in the second quarter valued at about $14,570,000. 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.