IREN (NASDAQ:IREN) Shares Up 11% - Here's Why

Key Points

• Shares jumped ~11% on Friday to about $41.93, with approximately 12.96 million shares traded — roughly 54% below the stock's average daily volume despite the sharp price move.
• Analyst sentiment is mixed but tilted positive: 12 Buys, 5 Holds and 2 Sells produce a consensus "Moderate Buy" and an average target of $67.64, while firms including JMP, BTIG and Citigroup have recently raised targets or initiated coverage.
• Company profile and fundamentals: IREN operates bitcoin-mining data centers, has a market cap near $12.0 billion, a P/E around 21.8, high volatility (beta ~4.26), low net leverage (debt/equity 0.34) and strong liquidity (current and quick ratios 5.52).

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price rose 11% on Friday . The stock traded as high as $41.56 and last traded at $41.9290. Approximately 12,959,880 shares traded hands during trading, a decline of 54% from the average daily volume of 28,292,324 shares. The stock had previously closed at $37.77.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on IREN shares. JMP Securities set a $80.00 target price on shares of IREN in a research note on Wednesday, November 19th. Wall Street Zen downgraded IREN from a "hold" rating to a "sell" rating in a research note on Monday, December 22nd. BTIG Research raised their target price on IREN from $32.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. HC Wainwright lifted their price objective on shares of IREN from $45.00 to $56.00 and gave the stock a "sell" rating in a research report on Tuesday, November 4th. Finally, Citigroup assumed coverage on shares of IREN in a research report on Wednesday, November 19th. They set an "outperform" rating for the company. Twelve research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $67.64.

IREN Stock Up 12.3%

The company has a 50 day moving average of $48.72 and a 200-day moving average of $35.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The company has a market cap of $12.03 billion, a P/E ratio of 21.78 and a beta of 4.26.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. lifted its position in IREN by 1.1% in the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company's stock worth $1,477,000 after buying an additional 332 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after acquiring an additional 335 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of IREN in the 3rd quarter worth approximately $25,000. SLT Holdings LLC boosted its stake in shares of IREN by 6.0% in the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company's stock valued at $497,000 after purchasing an additional 600 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of IREN by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company's stock valued at $1,174,000 after purchasing an additional 845 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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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