IREN (NASDAQ:IREN) Stock Price Up 3.1% - Still a Buy?

Key Points

• Shares rose 3.1% to $36.59 (intraday high $36.76) on heavy volume — 44.14 million shares traded, up about 68% versus the average session volume.
• Analyst views are mixed but lean positive: the consensus is a "Moderate Buy" with a $69.85 average price target (12 Buys, 3 Holds, 3 Sells), while individual targets range from $41 to $80 and a few firms have issued downgrades.
• IREN Limited operates bitcoin mining data centers, has a $10.37 billion market cap and a high beta (4.23), and about 41% of the stock is held by institutional investors after several funds materially increased positions.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) shot up 3.1% on Tuesday . The company traded as high as $36.76 and last traded at $36.59. 44,137,418 shares traded hands during mid-day trading, an increase of 68% from the average session volume of 26,230,000 shares. The stock had previously closed at $35.48.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IREN shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of IREN in a research note on Monday. Zacks Research lowered shares of IREN from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 28th. Cantor Fitzgerald upped their target price on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. JMP Securities set a $80.00 price target on IREN in a research report on Wednesday, November 19th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $75.00 price objective on shares of IREN in a report on Thursday, September 25th. Twelve investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $69.85.

IREN Trading Up 3.1%

The firm has a market capitalization of $10.37 billion, a PE ratio of 18.86 and a beta of 4.23. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a 50 day simple moving average of $54.40 and a 200 day simple moving average of $33.46.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hood River Capital Management LLC bought a new position in IREN in the second quarter valued at about $74,228,000. Situational Awareness LP bought a new stake in IREN during the first quarter valued at approximately $20,500,000. Voloridge Investment Management LLC increased its holdings in IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company's stock valued at $77,555,000 after buying an additional 1,545,579 shares during the last quarter. Marshall Wace LLP raised its position in IREN by 247.7% in the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company's stock worth $95,380,000 after acquiring an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP bought a new stake in shares of IREN during the 2nd quarter valued at $21,025,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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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