IREN (NASDAQ:IREN) Stock Price Up 3.6% - Here's What Happened

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on IREN shares. Macquarie lifted their price target on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 target price on shares of IREN in a report on Friday, May 16th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. HC Wainwright reduced their price objective on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Finally, B. Riley reiterated a "buy" rating and issued a $22.00 price objective (up from $15.00) on shares of IREN in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.44.

IREN Stock Up 4.3%

The company has a 50 day simple moving average of $11.31 and a 200-day simple moving average of $9.58.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) 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 net margin of 9.40% and a negative return on equity of 2.12%. Equities research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IREN. Crewe Advisors LLC bought a new position in shares of IREN in the first quarter valued at $39,000. Quarry LP bought a new position in IREN during the first quarter worth about $40,000. Main Management LLC acquired a new position in IREN during the fourth quarter worth approximately $49,000. Delta Financial Group Inc. acquired a new stake in shares of IREN in the first quarter valued at approximately $61,000. Finally, R Squared Ltd boosted its stake in shares of IREN by 170.1% during the 1st quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after acquiring an additional 6,480 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Company Profile

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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