IREN (NASDAQ:IREN) Shares Gap Up - Should You Buy?

IREN Limited (NASDAQ:IREN - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $9.80, but opened at $10.25. IREN shares last traded at $10.50, with a volume of 9,793,782 shares trading hands.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised IREN from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. HC Wainwright lowered their price target on shares of IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. Macquarie boosted their price objective 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, B. Riley increased their target price 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 given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $20.30.

IREN Trading Up 6.9%

The business's fifty day moving average price is $7.88 and its 200 day moving average price is $9.29.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share 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 business had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. As a group, research analysts predict that IREN Limited will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IREN. Vontobel Holding Ltd. grew its position in IREN by 13.4% during the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company's stock valued at $549,000 after acquiring an additional 6,601 shares during the period. Private Advisor Group LLC purchased a new stake in shares of IREN during the 4th quarter worth about $120,000. VisionPoint Advisory Group LLC purchased a new stake in shares of IREN during the 4th quarter worth about $475,000. Matauro LLC acquired a new stake in IREN during the 4th quarter worth approximately $342,000. Finally, World Equity Group Inc. purchased a new position in IREN in the fourth quarter valued at approximately $98,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

About IREN

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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