IREN (NASDAQ:IREN) Given New $37.00 Price Target at Canaccord Genuity Group

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 target price raised by stock analysts at Canaccord Genuity Group from $23.00 to $37.00 in a report issued on Friday, Marketbeat Ratings reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 30.52% from the stock's current price.

Several other analysts also recently commented on IREN. B. Riley reaffirmed a "buy" rating and set a $22.00 price objective (up previously from $15.00) on shares of IREN in a research report on Thursday, July 10th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $16.00 target price (up from $12.00) on shares of IREN in a report on Monday, July 28th. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Macquarie increased their target price on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Finally, HC Wainwright cut their target price on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.44.

IREN Trading Down 2.6%

Shares of IREN stock traded down $0.76 during trading hours on Friday, hitting $28.35. 22,560,127 shares of the company were exchanged, compared to its average volume of 19,627,270. The firm has a market cap of $5.33 billion, a P/E ratio of 48.62 and a beta of 4.03. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $30.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.46 and a current ratio of 4.29. The company has a 50 day simple moving average of $18.31 and a two-hundred day simple moving average of $11.50.

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

Hedge Funds Weigh In On IREN

Several large investors have recently bought and sold shares of IREN. First Trust Advisors LP lifted its stake in IREN by 9.6% during the 4th quarter. First Trust Advisors LP now owns 343,833 shares of the company's stock valued at $3,376,000 after acquiring an additional 30,160 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after acquiring an additional 7,646 shares in the last quarter. AQR Arbitrage LLC bought a new position in IREN during the 4th quarter valued at $987,000. AlTi Global Inc. bought a new position in IREN during the 4th quarter valued at $295,000. Finally, Aristeia Capital L.L.C. bought a new position in IREN during the 4th quarter valued at $2,848,000. 41.08% of the stock is currently owned by institutional investors.

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.