IREN (NASDAQ:IREN) Shares Up 10.3% - Here's What Happened

Key Points

• IREN shares jumped 10.3% on Monday, trading as high as $47.19 and finishing near $46.15 on volume of about 48.05 million shares, slightly above its average daily volume.
• IREN missed quarterly expectations, reporting EPS of ($0.52) versus consensus ($0.07) and revenue of $184.7M versus $229.6M expected, with revenue down 23.1% year-over-year.
• Analysts are mixed but tilted positive overall — MarketBeat lists a consensus rating of "Moderate Buy" with an average price target of $72.29, while individual broker targets range roughly from $39 to $94.

IREN Limited (NASDAQ:IREN - Get Free Report) shares were up 10.3% on Monday . The company traded as high as $47.19 and last traded at $46.15. Approximately 48,047,091 shares traded hands during trading, an increase of 3% from the average daily volume of 46,504,879 shares. The stock had previously closed at $41.83.

Analyst Ratings Changes

Several equities analysts have recently commented on IREN shares. JPMorgan Chase & Co. boosted their price objective on IREN from $28.00 to $39.00 and gave the company an "underweight" rating in a research report on Monday, November 24th. Zacks Research raised IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. The Goldman Sachs Group initiated coverage on IREN in a research note on Thursday, December 18th. They issued a "neutral" rating and a $39.00 price target for the company. Wall Street Zen cut shares of IREN from a "hold" rating to a "strong sell" rating in a research report on Saturday. Finally, Roth Mkm set a $94.00 target price on shares of IREN and gave the stock a "buy" rating in a research report on Monday, November 3rd. Thirteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $72.29.

IREN Stock Up 10.3%

The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The company has a 50-day simple moving average of $46.44 and a 200 day simple moving average of $42.95. The company has a market cap of $13.08 billion, a P/E ratio of 34.70 and a beta of 4.26.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.45). 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%. IREN's quarterly revenue was down 23.1% compared to the same quarter last year. On average, equities analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

A number of large investors have recently modified their holdings of the company. Hood River Capital Management LLC purchased a new stake in shares of IREN in the 2nd quarter worth $74,228,000. Situational Awareness LP lifted its stake in IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after acquiring an additional 3,034,254 shares during the period. Voloridge Investment Management LLC grew its holdings in IREN by 1,444.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company's stock worth $77,555,000 after acquiring an additional 1,545,579 shares in the last quarter. Marshall Wace LLP increased its position in IREN by 247.7% during the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company's stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP purchased a new position in IREN during the 2nd quarter valued at about $21,025,000. Hedge funds and other 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.

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