IREN (NASDAQ:IREN) Stock Price Up 2% - Time to Buy?

Key Points

• IREN shares rose about 2% to $34.77 midday on Thursday with roughly 29.9 million shares traded, about 23% below its average daily volume.
• Analysts maintain a consensus rating of "Moderate Buy" (13 Buys, 4 Holds, 1 Sell) with an average price target of $71.69, though individual targets vary widely (about $39–$80).
• IREN missed quarterly expectations, reporting EPS of ($0.44) versus an expected ($0.07) and revenue of $184.69M versus $229.64M estimated (revenue down 23.1% YoY); the company operates bitcoin mining data centers and has a ~$11.6B market cap and high beta (4.29).

IREN Limited (NASDAQ:IREN - Get Free Report) shares were up 2% during mid-day trading on Thursday . The company traded as high as $35.03 and last traded at $34.77. Approximately 29,911,642 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 38,753,309 shares. The stock had previously closed at $34.09.

Analysts Set New Price Targets

A number of analysts have weighed in on IREN shares. B. Riley Financial reiterated a "buy" rating on shares of IREN in a research report on Friday, February 6th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. The Goldman Sachs Group began coverage on shares of IREN in a research report on Thursday, December 18th. They set a "neutral" rating and a $39.00 target price for the company. Weiss Ratings upgraded shares of IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. Finally, HC Wainwright raised shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective for the company in a report on Tuesday, January 13th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.69.

IREN Trading Up 2.0%

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 has a market cap of $11.55 billion, a P/E ratio of 26.14 and a beta of 4.29. The business's fifty day simple moving average is $43.69 and its 200 day simple moving average is $47.67.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate 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% compared to the same quarter last year. As a group, analysts expect that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centaurus Financial Inc. lifted its position in IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company's stock valued at $1,477,000 after purchasing an additional 332 shares during the period. Larson Financial Group LLC raised its stake in shares of IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after buying an additional 335 shares during the last quarter. Vise Technologies Inc. lifted its holdings in IREN by 7.9% in the fourth quarter. Vise Technologies Inc. now owns 5,780 shares of the company's stock valued at $218,000 after buying an additional 424 shares during the period. Miller Wealth Advisors LLC lifted its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after buying an additional 480 shares during the period. Finally, Global Retirement Partners LLC bought a new position in IREN in the third quarter valued at approximately $25,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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