IREN (NASDAQ:IREN) Shares Up 9.9% - Still a Buy?

Key Points

• IREN shares jumped 9.9% to $43.67 in heavy trading, with 47.9 million shares changing hands—12% above average volume.
• Analyst sentiment remains positive overall: IREN has a consensus “Moderate Buy” rating and an average price target of $82.71, though JPMorgan maintains an “underweight” rating with a $46 target.
• IREN has a $15.61 billion market capitalization and operates bitcoin-mining data centers; institutional investors own approximately 41.08% of its shares.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) traded up 9.9% during trading on Wednesday . The company traded as high as $44.67 and last traded at $43.67. 47,857,255 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 42,628,297 shares. The stock had previously closed at $39.75.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IREN. Canaccord Genuity Group reissued a "buy" rating and set a $79.00 price objective on shares of IREN in a research report on Tuesday, July 21st. Compass Point reaffirmed a "buy" rating on shares of IREN in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of IREN from $39.00 to $46.00 and gave the company an "underweight" rating in a research note on Monday, May 11th. Jefferies Financial Group began coverage on shares of IREN in a research report on Thursday, June 18th. They set a "buy" rating and a $79.00 price target on the stock. Finally, Freedom Capital raised shares of IREN from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.71.

IREN Stock Performance

The company has a market capitalization of $15.61 billion, a PE ratio of 90.98 and a beta of 4.29. The company has a 50 day moving average of $45.53 and a two-hundred day moving average of $46.46. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Situational Awareness LP raised its holdings in IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after buying an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of IREN during the first quarter valued at approximately $20,878,000. Triglav Investments D.O.O. purchased a new stake in shares of IREN during the first quarter valued at approximately $871,000. Oppenheimer & Co. Inc. increased its position in shares of IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock valued at $1,018,000 after acquiring an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its position in shares of IREN by 282.2% during the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock valued at $1,746,000 after acquiring an additional 34,129 shares in the last quarter. 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.

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