IREN (NASDAQ:IREN) Sees Strong Trading Volume - Time to Buy?

IREN Limited (NASDAQ:IREN - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 24,489,497 shares traded hands during mid-day trading, an increase of 48% from the previous session's volume of 16,583,073 shares.The stock last traded at $17.33 and had previously closed at $15.66.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IREN shares. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price target on shares of IREN in a report on Friday, May 16th. HC Wainwright decreased their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Macquarie increased their target price on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. upgraded shares of IREN from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $15.00 to $12.00 in a research report on Thursday, March 13th. Finally, B. Riley lifted their price target on shares of IREN from $14.00 to $15.00 and gave the company a "buy" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.30.

IREN Price Performance

The stock's fifty day moving average is $9.20 and its two-hundred day moving average is $9.24.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. The firm had revenue of $148.10 million during the quarter, compared to the consensus estimate of $153.38 million. Analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Private Advisor Group LLC acquired a new position in IREN during the 4th quarter worth $120,000. Charles Schwab Investment Management Inc. raised its stake in shares of IREN by 96.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 710,890 shares of the company's stock valued at $6,981,000 after purchasing an additional 348,864 shares in the last quarter. HM Payson & Co. acquired a new stake in IREN in the fourth quarter worth about $30,000. Farther Finance Advisors LLC bought a new position in IREN in the 4th quarter valued at about $98,000. Finally, Advantage Alpha Capital Partners LP bought a new position in IREN in the 4th quarter valued at about $423,000. 41.08% of the stock is owned by institutional investors.

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.

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