IREN (NASDAQ:IREN) Shares Up 8.2% - Here's Why

Key Points

• Shares jumped 8.2% intraday to as high as $51.29 (last $49.3930) on volume of about 41.96 million shares, roughly 11% above the average session volume.
• Analyst sentiment is mixed but tilted positive with an average rating of "Moderate Buy", an average price target of $70.08, and a breakdown of 13 Buys, 4 Holds and 2 Sells.
• IREN missed the latest quarter’s estimates—EPS of ($0.44) vs. ($0.07) expected and revenue $184.69M vs. $229.64M expected, with revenue down 23.1% YoY and analysts forecasting about -0.8 EPS for the fiscal year.

IREN Limited (NASDAQ:IREN - Get Free Report) shares shot up 8.2% on Monday . The company traded as high as $51.29 and last traded at $49.3930. 41,961,848 shares were traded during mid-day trading, an increase of 11% from the average session volume of 37,764,160 shares. The stock had previously closed at $45.66.

Analysts Set New Price Targets

A number of research firms recently weighed in on IREN. Freedom Capital upgraded shares of IREN to a "hold" rating in a report on Wednesday, April 1st. B. Riley Financial restated a "buy" rating on shares of IREN in a report on Friday, February 6th. Canaccord Genuity Group restated a "buy" rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. Cantor Fitzgerald reduced their price objective on shares of IREN to $61.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Finally, Wall Street Zen downgraded shares of IREN from a "hold" rating to a "strong sell" rating in a research report on Saturday, February 7th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.08.

IREN Stock Up 8.2%

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 stock's 50-day simple moving average is $41.70 and its 200-day simple moving average is $46.84. The firm has a market capitalization of $16.41 billion, a P/E ratio of 37.14 and a beta of 4.17.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN's quarterly revenue was down 23.1% on a year-over-year basis. As a group, research analysts predict that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in shares of IREN during the 3rd quarter valued at approximately $25,000. Miller Wealth Advisors LLC raised its position in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the 4th quarter valued at $27,000. Finally, Aventura Private Wealth LLC purchased a new stake in shares of IREN during the 4th quarter valued at $28,000. 41.08% of the stock is owned by institutional investors.

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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