IREN (NASDAQ:IREN) Stock Price Up 4.8% - Here's Why

Key Points

• IREN Limited shares increased by 4.8% to $22.47, despite a 51% drop in trading volume compared to the daily average.
• Analysts have varying ratings on IREN, with a consensus of "Moderate Buy" and an average price target of $20.89.
• Institutional investment has surged, with several large investors significantly increasing their stakes in IREN during the fourth quarter.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 4.8% during trading on Monday . The company traded as high as $22.34 and last traded at $22.47. Approximately 9,180,244 shares were traded during trading, a decline of 51% from the average daily volume of 18,852,262 shares. The stock had previously closed at $21.43.

Analyst Ratings Changes

Several equities analysts have issued reports on IREN shares. HC Wainwright cut their price target 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. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $16.00 target price (up from $12.00) on shares of IREN in a research report on Monday, July 28th. Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of IREN in a research note on Friday, May 16th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Macquarie increased their price objective on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, IREN presently has a consensus rating of "Moderate Buy" and an average price target of $20.89.

IREN Stock Performance

The stock has a 50-day moving average price of $16.29 and a 200 day moving average price of $10.91.

Institutional Trading of IREN

Several large investors have recently made changes to their positions in IREN. JPMorgan Chase & Co. purchased a new stake in shares of IREN during the fourth quarter worth $587,000. First Trust Advisors LP boosted its position in IREN by 9.6% during the fourth quarter. First Trust Advisors LP now owns 343,833 shares of the company's stock worth $3,376,000 after acquiring an additional 30,160 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in IREN by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after acquiring an additional 7,646 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its stake in IREN by 72.3% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 189,245 shares of the company's stock worth $1,858,000 after purchasing an additional 79,392 shares in the last quarter. Finally, Paloma Partners Management Co boosted its holdings in shares of IREN by 67.5% during the 4th quarter. Paloma Partners Management Co now owns 543,440 shares of the company's stock worth $5,337,000 after purchasing an additional 218,940 shares during the last quarter. 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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