IREN (NASDAQ:IREN) Stock Price Up 24.5% - Should You Buy?

Key Points

• IREN shares surged 24.5% to $36.50 in mid-day trading, reaching as high as $36.63, though trading volume was 63% below the average daily level.
• Analyst sentiment is broadly positive but mixed: MarketBeat reports a “Moderate Buy” consensus and an average price target of $82.71, while JPMorgan maintains an underweight rating and Weiss Ratings downgraded the stock to sell.
• IREN reported a quarterly loss of $0.25 per share and revenue of $144.79 million, missing analyst estimates for both. The stock also carries elevated volatility, with a beta of 4.27, and analysts expect a full-year loss of $1.96 per share.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 24.5% during mid-day trading on Thursday . The company traded as high as $36.63 and last traded at $36.50. 15,596,374 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 42,272,184 shares. The stock had previously closed at $29.31.

Wall Street Analyst Weigh In

IREN has been the topic of several recent analyst reports. BTIG Research boosted their target price on IREN to $80.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Citigroup reaffirmed a "market outperform" rating on shares of IREN in a report on Tuesday, July 21st. Weiss Ratings downgraded IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on IREN from $39.00 to $46.00 and gave the stock an "underweight" rating in a research note on Monday, May 11th. Finally, B. Riley Financial increased their target price on IREN from $88.00 to $96.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, IREN has an average rating of "Moderate Buy" and a consensus price target of $82.71.

IREN Stock Performance

The firm has a fifty day simple moving average of $49.66 and a 200-day simple moving average of $47.34. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 77.82 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Analysts forecast that IREN Limited will post -1.96 EPS for the current fiscal year.

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marex Group plc lifted its position in IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company's stock valued at $168,880,000 after purchasing an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of IREN during the fourth quarter worth approximately $158,677,000. Clear Street Group Inc. bought a new stake in shares of IREN during the fourth quarter worth approximately $137,075,000. Situational Awareness LP raised its stake in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after buying an additional 3,034,254 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in IREN by 1,022.2% in the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company's stock valued at $108,424,000 after buying an additional 2,614,835 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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