IREN (NASDAQ:IREN) Shares Gap Up - Time to Buy?

Key Points

• IREN shares surged at the open, rising from a prior close of $39.75 to $43.59 on heavy trading volume of roughly 11.4 million shares.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $82.71; individual targets range from $79 to $96, although some analysts maintain Hold or Sell ratings.
• Institutional investors own 41.08% of IREN, with several major investors increasing their positions. The company operates bitcoin-mining data centers and has a $15.11 billion market capitalization, but its high beta of 4.29 indicates substantial volatility.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $39.75, but opened at $43.59. IREN shares last traded at $43.3720, with a volume of 11,412,535 shares changing hands.

Analysts Set New Price Targets

IREN has been the subject of several recent analyst reports. Citigroup restated a "market outperform" rating on shares of IREN in a research note on Tuesday, July 21st. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a report on Thursday, June 4th. BTIG Research lifted their price objective on shares of IREN to $80.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Needham & Company LLC reissued a "hold" rating on shares of IREN in a report on Tuesday, July 21st. Finally, Jefferies Financial Group assumed coverage on IREN in a research note on Thursday, June 18th. They issued a "buy" rating and a $79.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $82.71.

IREN Stock Performance

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $15.11 billion, a PE ratio of 88.08 and a beta of 4.29. The firm's fifty day moving average price is $45.53 and its two-hundred day moving average price is $46.46.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Situational Awareness LP lifted its stake in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after purchasing an additional 2,998,214 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in IREN during the first quarter worth approximately $20,878,000. Triglav Investments D.O.O. acquired a new position in IREN during the first quarter worth $871,000. Oppenheimer & Co. Inc. grew its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock valued at $1,018,000 after buying an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock worth $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Institutional investors and hedge funds 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.

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