IREN's (IREN) "Neutral" Rating Reaffirmed at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has reaffirmed a "neutral" rating on IREN (NASDAQ:IREN) with a target price increase from $12.00 to $16.00, indicating a potential downside of 9.71% from the current stock price.
• IREN's quarterly earnings showed an EPS of $0.11, missing estimates by $0.06, with a revenue of $148.10 million against expectations of $153.38 million.
• Institutional investors own 41.08% of IREN's stock, with notable purchases including Mitsubishi UFJ Asset Management and Arrowstreet Capital.

JPMorgan Chase & Co. reiterated their neutral rating on shares of IREN (NASDAQ:IREN - Free Report) in a research report sent to investors on Monday morning, MarketBeat reports. They currently have a $16.00 price objective on the stock, up from their previous price objective of $12.00.

A number of other analysts also recently commented on IREN. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. B. Riley reissued a "buy" rating and set a $22.00 price objective (up previously from $15.00) on shares of IREN in a report on Thursday, July 10th. HC Wainwright decreased their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Canaccord Genuity Group reissued a "buy" rating and set a $23.00 price objective on shares of IREN in a report on Friday, May 16th. Finally, Macquarie lifted their target price on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.89.

IREN Stock Up 1.7%

Shares of NASDAQ:IREN traded up $0.28 during midday trading on Monday, hitting $16.42. The stock had a trading volume of 17,004,648 shares, compared to its average volume of 18,660,209. The stock has a 50 day moving average price of $13.09 and a two-hundred day moving average price of $10.02. IREN has a 1 year low of $5.13 and a 1 year high of $21.54.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results 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). The firm had revenue of $148.10 million during the quarter, compared to analysts' expectations of $153.38 million. IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. As a group, equities research analysts predict that IREN will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership increased its position in IREN by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock worth $55,825,000 after purchasing an additional 5,280,999 shares during the last quarter. Situational Awareness LP purchased a new stake in IREN during the first quarter worth approximately $20,500,000. Vident Advisory LLC grew its stake in IREN by 0.6% during the first quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after buying an additional 18,794 shares during the period. Invesco Ltd. grew its stake in IREN by 22.5% during the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock worth $22,700,000 after buying an additional 424,403 shares during the period. Finally, Regal Partners Ltd grew its stake in IREN by 93.9% during the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock worth $16,670,000 after buying an additional 822,251 shares during the period. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Company Profile

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