IREN (NASDAQ:IREN) Shares Up 13.1% - What's Next?

Key Points

• IREN shares surged 13.1% intraday on Friday, trading as high as $42.75 and finishing around $42.70 on above-average volume (30.17M shares, ~7% above the session average).
• Analysts have a consensus rating of "Moderate Buy" with an average target of $67.64, and several firms have set higher targets (JMP/Citizens JMP $80, Bernstein $75) despite mixed individual ratings.
• IREN is a bitcoin mining data center operator with a $12.1B market cap, a P/E of 22.0 and high volatility (beta 4.26); its 50-day/200-day moving averages are $48.72 and $35.79, and institutions own about 41.08% of the stock.

IREN Limited (NASDAQ:IREN - Get Free Report) shares traded up 13.1% during mid-day trading on Friday . The company traded as high as $42.75 and last traded at $42.70. 30,170,604 shares were traded during trading, an increase of 7% from the average session volume of 28,292,324 shares. The stock had previously closed at $37.77.

Wall Street Analyst Weigh In

IREN has been the subject of several analyst reports. JMP Securities set a $80.00 target price on shares of IREN in a research note on Wednesday, November 19th. Citizens Jmp began coverage on shares of IREN in a research report on Wednesday, November 19th. They issued a "market outperform" rating and a $80.00 price objective for the company. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. HC Wainwright boosted their price target on IREN from $45.00 to $56.00 and gave the stock a "sell" rating in a research note on Tuesday, November 4th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of IREN in a report on Monday. Twelve analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $67.64.

IREN Stock Performance

The company has a 50-day moving average of $48.72 and a 200-day moving average of $35.79. The firm has a market capitalization of $12.10 billion, a price-to-earnings ratio of 22.01 and a beta of 4.26. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

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

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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