IREN (NASDAQ:IREN) Stock Price Up 6.2% - Here's Why

Key Points

• IREN stock jumped 6.2% on Thursday to $45.51 (intraday high $45.58) while volume (~28.96M shares) was about 23% below its average trading level.
• The company missed quarterly estimates, reporting EPS of ($0.44) vs. consensus ($0.07) and revenue of $184.7M (down 23.1% year-over-year), with analysts forecasting a full-year EPS of around -0.8.
• Analyst and institutional interest is strong but mixed: the consensus rating is a “Moderate Buy” with an average target of $70.08, and large institutional purchases have driven ownership to about 41%.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price rose 6.2% on Thursday . The company traded as high as $45.58 and last traded at $45.51. Approximately 28,961,588 shares were traded during trading, a decline of 23% from the average daily volume of 37,804,395 shares. The stock had previously closed at $42.86.

Analysts Set New Price Targets

IREN has been the subject of a number of research analyst reports. B. Riley Financial reaffirmed a "buy" rating on shares of IREN in a research report on Friday, February 6th. Weiss Ratings cut shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, April 22nd. Cantor Fitzgerald reduced their target price on shares of IREN to $61.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Canaccord Genuity Group reiterated a "buy" rating and set a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. Finally, Wall Street Zen lowered shares of IREN from a "hold" rating to a "strong sell" rating in a report on Saturday, February 7th. Thirteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $70.08.

IREN Trading Up 6.2%

The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock's fifty day simple moving average is $41.70 and its 200-day simple moving average is $47.12.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company's revenue was down 23.1% on a year-over-year basis. Equities analysts expect that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Marex Group plc raised its holdings in shares of IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company's stock valued at $168,880,000 after purchasing an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of IREN in the 4th quarter valued at $158,677,000. Clear Street Group Inc. acquired a new stake in shares of IREN in the 4th quarter valued at $137,075,000. Situational Awareness LP raised its holdings in shares of IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of IREN by 1,022.2% in the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company's stock valued at $108,424,000 after purchasing an additional 2,614,835 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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