IREN (NASDAQ:IREN) Stock Price Up 30.5% - Should You Buy?

Key Points

• IREN shares surged 30.5% to $38.26 on unusually heavy volume, with 71.7 million shares traded—68% above the average session volume.
• Analysts remain broadly positive, giving IREN a “Moderate Buy” consensus rating and an average price target of $82.71, although ratings range from “Strong Buy” to “Sell.”
• The stock carries substantial risk and elevated valuation, including a P/E ratio of 79.71, beta of 4.27, negative return on equity, and a recent quarterly earnings and revenue miss.

IREN Limited (NASDAQ:IREN - Get Free Report) shares were up 30.5% on Thursday . The stock traded as high as $38.34 and last traded at $38.26. 71,676,912 shares were traded during trading, an increase of 68% from the average session volume of 42,722,008 shares. The stock had previously closed at $29.31.

Analysts Set New Price Targets

Several brokerages have commented on IREN. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $79.00 price objective on shares of IREN in a research report on Tuesday, July 21st. Compass Point reissued a "buy" rating on shares of IREN in a research report on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of IREN in a report on Monday, July 20th. B. Riley Financial increased their price objective on IREN from $88.00 to $96.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. boosted their target price on IREN from $39.00 to $46.00 and gave the company an "underweight" rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $82.71.

IREN Price Performance

The business's fifty day simple moving average is $49.66 and its 200-day simple moving average is $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 firm has a market cap of $13.67 billion, a P/E ratio of 79.71 and a beta of 4.27.

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

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently modified their holdings of IREN. CENTRAL TRUST Co lifted its stake in IREN by 19.8% in the 1st quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock worth $51,000 after purchasing an additional 245 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of IREN by 14.5% in the second quarter. Versant Capital Management Inc now owns 2,509 shares of the company's stock worth $115,000 after purchasing an additional 317 shares during the period. Vermillion Wealth Management Inc. increased its holdings in shares of IREN by 19.1% in the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock worth $70,000 after purchasing an additional 328 shares during the period. Larson Financial Group LLC increased its holdings in shares of IREN by 26.7% in the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after purchasing an additional 335 shares during the period. Finally, Hollencrest Capital Management raised its position in shares of IREN by 50.0% in the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock worth $36,000 after buying an additional 350 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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