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

Key Points

• IREN Limited's stock price gapped up from a previous close of $26.19 to an opening of $28.53, currently trading at $27.55 with significant trading volume.
• Analysts are generally optimistic about IREN, with multiple upgrades and a consensus target price of $30.44, indicating a "Moderate Buy" rating based on recent research reports.
• In the latest quarterly results, IREN reported earnings of $0.19 per share, exceeding estimates, along with a revenue of $187.30 million, closely aligning with forecasts.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $26.19, but opened at $28.53. IREN shares last traded at $27.55, with a volume of 14,463,351 shares trading hands.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of recent research reports. Roth Capital reiterated a "buy" rating and set a $35.00 price objective on shares of IREN in a research note on Friday, August 29th. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Cantor Fitzgerald boosted their price objective on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. HC Wainwright boosted their price objective on IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Macquarie boosted their price objective on IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, IREN presently has an average rating of "Moderate Buy" and a consensus target price of $30.44.

IREN Stock Performance

The firm has a fifty day simple moving average of $19.38 and a 200-day simple moving average of $11.89. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 47.72 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. Analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently made changes to their positions in IREN. Hood River Capital Management LLC bought a new stake in shares of IREN during the 2nd quarter valued at $74,228,000. Situational Awareness LP bought a new stake in shares of IREN in the 1st quarter valued at $20,500,000. Merewether Investment Management LP bought a new stake in shares of IREN in the 2nd quarter valued at $21,025,000. Two Sigma Investments LP increased its position in shares of IREN by 193.2% in the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after buying an additional 1,056,005 shares in the last quarter. Finally, Alkeon Capital Management LLC bought a new position in IREN during the 2nd quarter worth about $14,570,000. Institutional investors own 41.08% of the company's stock.

About IREN

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.