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

Key Points

• IREN shares gapped up premarket from $41.58 to $44.03 and were last at $43.91 on heavy volume (~10.69M shares), trading up about 6.3%.
• Analyst coverage is mixed but tilted positive: 13 Buys, 4 Holds and 1 Sell result in a consensus "Moderate Buy" and an average target of $71.69, with divergent notes such as Goldman Sachs' $39 target versus Cantor Fitzgerald's $82.
• Fundamentals showed a weak quarter—EPS of ($0.44) vs. ($0.07) expected and revenue $184.7M vs. $229.6M expected (revenue down 23.1% YoY)—even as analysts forecast FY EPS of $0.43; the company is a bitcoin-mining data center operator with a $14.7B market cap and high beta (4.31).

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $41.58, but opened at $44.03. IREN shares last traded at $43.91, with a volume of 10,691,283 shares traded.

Analyst Ratings Changes

IREN has been the subject of several research analyst reports. B. Riley Financial restated a "buy" rating on shares of IREN in a report on Friday, February 6th. The Goldman Sachs Group began coverage on IREN in a report on Thursday, December 18th. They set a "neutral" rating and a $39.00 price objective on the stock. Cantor Fitzgerald lowered their target price on IREN to $82.00 and set an "overweight" rating for the company in a research report on Friday, February 6th. Zacks Research raised shares of IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. Finally, Weiss Ratings upgraded shares of IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. Thirteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IREN has a consensus rating of "Moderate Buy" and an average target price of $71.69.

IREN Trading Up 6.3%

The company has a market cap of $14.69 billion, a PE ratio of 33.29 and a beta of 4.31. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The company has a 50-day moving average of $46.70 and a 200 day moving average of $46.82.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). The company had revenue of $184.69 million for the quarter, compared to analysts' expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business's revenue was down 23.1% compared to the same quarter last year. Analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Trading of IREN

A number of institutional investors have recently bought and sold shares of IREN. Corient Private Wealth LLC purchased a new position in IREN during the fourth quarter worth $220,000. Caitong International Asset Management Co. Ltd raised its stake in shares of IREN by 134,143.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 251,035 shares of the company's stock valued at $9,482,000 after acquiring an additional 250,848 shares during the period. Kera Capital Partners Inc. purchased a new stake in shares of IREN in the fourth quarter valued at $167,000. Walser Wealth Management Company A Ltd Liability Co bought a new stake in shares of IREN in the 4th quarter worth about $246,000. Finally, Sunbelt Securities Inc. lifted its holdings in shares of IREN by 13,040.8% in the 4th quarter. Sunbelt Securities Inc. now owns 32,852 shares of the company's stock worth $1,241,000 after acquiring an additional 32,602 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

IREN Company Profile

IREN Limited, formerly known as 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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