IREN (NASDAQ:IREN) Reaches New 1-Year High - Time to Buy?

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) reached a new 52-week high on Monday . The company traded as high as $18.64 and last traded at $17.98, with a volume of 16742557 shares. The stock had previously closed at $16.23.

Analysts Set New Price Targets

A number of research firms recently weighed in on IREN. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday. Macquarie increased their target price on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 target price on shares of IREN in a research report on Friday, May 16th. B. Riley reiterated a "buy" rating and issued a $22.00 target price (up previously from $15.00) on shares of IREN in a research report on Thursday. Finally, HC Wainwright decreased their target price on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, IREN presently has an average rating of "Moderate Buy" and an average price target of $20.44.

IREN Trading Up 6.5%

The firm's 50-day moving average is $10.66 and its two-hundred day moving average is $9.43.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly 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 net margin of 9.40% and a negative return on equity of 2.12%. The company had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. On average, equities analysts expect that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Clear Harbor Asset Management LLC bought a new stake in IREN in the 2nd quarter valued at $277,000. Farther Finance Advisors LLC increased its holdings in IREN by 59.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 25,038 shares of the company's stock valued at $365,000 after buying an additional 9,384 shares during the period. AFG Fiduciary Services Limited Partnership bought a new stake in IREN in the 2nd quarter valued at $254,000. Wealth Enhancement Advisory Services LLC increased its holdings in IREN by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company's stock valued at $892,000 after buying an additional 3,307 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new stake in IREN in the 2nd quarter valued at $4,808,000. Institutional investors own 41.08% of the company's stock.

About IREN

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