IREN (NASDAQ:IREN) Shares Up 9.5% - Time to Buy?

Key Points

• Shares jumped 9.5% on Monday to $43.07 (intraday high $43.53) on ~38.7M shares traded, roughly in line with average volume.
• Analysts have a consensus rating of "Moderate Buy" (13 Buys, 5 Holds, 1 Sell) with a consensus price target of $70.08.
• IREN, a bitcoin-mining data-center operator, reported a quarterly EPS miss (‑$0.44 vs. ‑$0.07 expected) and revenue down 23.1% year‑over‑year, signaling notable near-term operational headwinds.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) shot up 9.5% during trading on Monday . The company traded as high as $43.53 and last traded at $43.07. 38,667,124 shares traded hands during trading, an increase of 2% from the average session volume of 38,033,941 shares. The stock had previously closed at $39.32.

Analysts Set New Price Targets

A number of brokerages have commented on IREN. Weiss Ratings upgraded shares of IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. Freedom Capital upgraded shares of IREN to a "hold" rating in a research note on Wednesday, April 1st. The Goldman Sachs Group initiated coverage on shares of IREN in a research note on Thursday, December 18th. They issued a "neutral" rating and a $39.00 target price for the company. HC Wainwright upgraded shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 target price for the company in a research note on Tuesday, January 13th. Finally, B. Riley Financial reiterated a "buy" rating on shares of IREN in a research note on Friday, February 6th. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Stock Up 9.5%

The stock's fifty day moving average is $40.81 and its two-hundred day moving average is $47.55. 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 market capitalization of $14.31 billion, a PE ratio of 32.38 and a beta of 4.30.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly 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). The company had revenue of $184.69 million during the quarter, compared to analysts' expectations of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN's quarterly revenue was down 23.1% on a year-over-year basis. As a group, analysts predict that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.