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

Key Points

• IREN shares gapped up at Monday’s open, rising from a prior close of $33.62 to an opening price of $36.39 and trading as high as about $39.32 on heavy volume.
• Analyst sentiment remains generally positive despite some mixed calls: the stock has an average “Moderate Buy” rating with an average target price of $82.36, though Weiss Ratings recently downgraded it to sell.
• IREN’s latest earnings were weaker than expected, with EPS of -$0.25 versus the -$0.22 estimate and revenue of $144.79 million versus the $219.69 million consensus.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $33.62, but opened at $36.39. IREN shares last traded at $39.3160, with a volume of 17,291,503 shares trading hands.

Analyst Ratings Changes

IREN has been the topic of several analyst reports. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a research note on Thursday, June 4th. Weiss Ratings cut IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, July 7th. BTIG Research boosted their price target on IREN to $80.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Freedom Capital upgraded IREN from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Finally, B. Riley Financial upped their target price on shares of IREN from $88.00 to $96.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $82.36.

IREN Price Performance

The stock has a market capitalization of $13.66 billion, a P/E ratio of 79.95 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm has a fifty day moving average price of $52.24 and a two-hundred day moving average price of $47.62.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, analysts expect that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. CENTRAL TRUST Co increased its position in IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock worth $51,000 after purchasing an additional 245 shares during the last quarter. Versant Capital Management Inc lifted its position in IREN by 14.5% during the second quarter. Versant Capital Management Inc now owns 2,509 shares of the company's stock valued at $115,000 after purchasing an additional 317 shares during the last quarter. Vermillion Wealth Management Inc. lifted its position in IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock valued at $70,000 after purchasing an additional 328 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after buying an additional 335 shares in the last quarter. Finally, Hollencrest Capital Management grew its stake in shares of IREN by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock worth $36,000 after buying an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

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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