IREN (NASDAQ:IREN) Trading 3.6% Higher - Here's What Happened

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price rose 3.6% during mid-day trading on Thursday . The stock traded as high as $18.01 and last traded at $17.93. Approximately 9,043,754 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 16,748,959 shares. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of analyst reports. HC Wainwright dropped their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. B. Riley reissued a "buy" rating and issued a $22.00 price target (up previously from $15.00) on shares of IREN in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Canaccord Genuity Group restated a "buy" rating and issued a $23.00 target price on shares of IREN in a research note on Friday, May 16th. Finally, Macquarie boosted their price objective on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average price target of $20.44.

IREN Trading Up 1.2%

The firm has a 50-day simple moving average of $11.75 and a 200-day simple moving average of $9.68.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). The business had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. On average, equities research analysts forecast 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 IREN. JPMorgan Chase & Co. purchased a new stake in IREN during the 4th quarter worth approximately $587,000. Farther Finance Advisors LLC boosted its holdings in shares of IREN by 57.3% during the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after purchasing an additional 5,700 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of IREN by 46.5% during the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after purchasing an additional 59,250 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after purchasing an additional 7,646 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of IREN during the 1st quarter worth approximately $592,000. Institutional investors and hedge funds own 41.08% of the company's stock.

About IREN

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.