IREN (NASDAQ:IREN) Shares Up 7.8% After Analyst Upgrade

Key Points

• IREN Limited's stock price surged 7.8% following an upgrade by BTIG Research, which raised its price target from $22.00 to $32.00.
• Eight analysts have rated IREN stock as a Buy, while three have issued a Hold rating, with a consensus target price of $30.33.
• The company reported earnings of $0.19 per share for the last quarter, exceeding expectations, although its revenue slightly fell short of estimates at $187.30 million.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded up 7.8% during mid-day trading on Tuesday after BTIG Research raised their price target on the stock from $22.00 to $32.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $28.76 and last traded at $28.22. 18,413,076 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 19,783,936 shares. The stock had previously closed at $26.19.

Several other analysts have also recently weighed in on the stock. Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald raised their price objective on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Canaccord Genuity Group raised their price objective on shares of IREN from $23.00 to $37.00 and gave the company a "buy" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $16.00 price objective (up from $12.00) on shares of IREN in a research note on Monday, July 28th. Finally, HC Wainwright raised their price objective on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Bank of America Corp DE increased its stake in IREN by 46.5% in the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock valued at $1,834,000 after buying an additional 59,250 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in IREN by 6.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 351,219 shares of the company's stock valued at $3,449,000 after buying an additional 22,635 shares during the last quarter. Crestline Management LP acquired a new stake in IREN in the 4th quarter valued at $163,000. D. E. Shaw & Co. Inc. acquired a new position in shares of IREN during the 4th quarter worth about $7,162,000. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of IREN during the 4th quarter worth about $923,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Stock Up 13.9%

The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of 50.61 and a beta of 4.03. The firm's 50 day moving average price is $19.38 and its two-hundred day moving average price is $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.

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

IREN Company Profile

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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