IREN (NASDAQ:IREN) Stock Price Up 10.1% - Time to Buy?

Key Points

• IREN stock jumped 10.1% to $41.98 on Wednesday (intraday high $42.61) on roughly 38.8 million shares traded, but the price remains below its 50- and 200-day moving averages (around $46.5).
• Analysts hold a consensus "Moderate Buy" on IREN with an average target of $71.69 (13 Buys, 4 Holds, 1 Sell), and several firms recently upgraded or reiterated bullish ratings.
• IREN missed quarterly expectations—EPS of ($0.44) vs. consensus ($0.07) and revenue $184.69M (down 23.1% YoY)—and institutional investors own about 41% of the company.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price was up 10.1% on Wednesday . The company traded as high as $42.61 and last traded at $41.98. Approximately 38,765,651 shares were traded during trading, a decline of 6% from the average daily volume of 41,027,699 shares. The stock had previously closed at $38.12.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. B. Riley Financial reaffirmed a "buy" rating on shares of IREN in a research note on Friday, February 6th. Weiss Ratings raised IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday. Zacks Research upgraded IREN from a "strong sell" rating to a "hold" rating in a research report on Tuesday, December 16th. Citigroup started coverage on IREN in a research note on Wednesday, November 19th. They issued an "outperform" rating for the company. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $70.00 target price on shares of IREN in a research report on Tuesday, February 10th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, IREN has a consensus rating of "Moderate Buy" and an average target price of $71.69.

IREN Price Performance

The company has a market capitalization of $13.95 billion, a P/E ratio of 31.56 and a beta of 4.31. The firm's fifty day moving average is $46.57 and its 200 day moving average is $46.42. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. As a group, analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. bought a new position in IREN in the 2nd quarter valued at $255,000. Fox Run Management L.L.C. lifted its position in shares of IREN by 9.1% during the second quarter. Fox Run Management L.L.C. now owns 30,244 shares of the company's stock worth $441,000 after purchasing an additional 2,530 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of IREN by 19.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 24,165 shares of the company's stock worth $352,000 after purchasing an additional 3,897 shares during the last quarter. Evolution Wealth Advisors LLC boosted its stake in shares of IREN by 66.5% during the second quarter. Evolution Wealth Advisors LLC now owns 128,550 shares of the company's stock valued at $1,873,000 after purchasing an additional 51,330 shares during the period. Finally, Foundations Investment Advisors LLC bought a new position in shares of IREN in the second quarter worth about $146,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

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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