IREN (NASDAQ:IREN) Shares Gap Up - Still a Buy?

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $18.15, but opened at $18.98. IREN shares last traded at $18.33, with a volume of 11,816,641 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on IREN. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. B. Riley reissued a "buy" rating and issued a $22.00 price target (up from $15.00) on shares of IREN in a research report on Thursday, July 10th. Canaccord Genuity Group restated a "buy" rating and set a $23.00 price objective on shares of IREN in a research report on Friday, May 16th. Macquarie increased their price target on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Finally, HC Wainwright lowered their price objective on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.44.

IREN Price Performance

The business has a fifty day moving average of $12.60 and a 200-day moving average of $9.90.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. On average, analysts anticipate that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Arrowstreet Capital Limited Partnership boosted its stake 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 buying an additional 5,280,999 shares in the last quarter. Situational Awareness LP acquired a new stake in IREN in the 1st quarter valued at $20,500,000. Vident Advisory LLC increased its position in shares of IREN by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after purchasing an additional 18,794 shares in the last quarter. Invesco Ltd. lifted its holdings in IREN by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock valued at $22,700,000 after purchasing an additional 424,403 shares during the last quarter. Finally, Regal Partners Ltd grew its position in IREN by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock worth $16,670,000 after acquiring an additional 822,251 shares during the last quarter. 41.08% of the stock is currently 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.