IREN (NASDAQ:IREN) Stock Price Up 6.9% - Here's What Happened

Key Points

• IREN Limited's stock surged by 6.9% during mid-day trading, closing at $28.31 after reaching a high of $29.85.
• Major analysts have significantly increased their price targets for IREN, with Macquarie raising it to $33.00 and Cantor Fitzgerald to $41.00, reflecting a positive outlook from eight analysts who rate the stock as a Buy.
• IREN reported a quarterly earnings per share (EPS) of $0.19, exceeding estimates, with a revenue of $187.30 million, showcasing resilient financial performance.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) rose 6.9% during mid-day trading on Tuesday . The company traded as high as $29.85 and last traded at $28.31. Approximately 26,640,728 shares were traded during trading, an increase of 37% from the average daily volume of 19,446,742 shares. The stock had previously closed at $26.48.

Analyst Ratings Changes

IREN has been the topic of a number of recent analyst reports. Macquarie boosted their price target on shares of IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a report on Friday. Cantor Fitzgerald boosted their price target on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday. JPMorgan Chase & Co. restated a "neutral" rating and set a $16.00 price target (up previously from $12.00) on shares of IREN in a report on Monday, July 28th. Canaccord Genuity Group boosted their price objective on shares of IREN from $23.00 to $37.00 and gave the company a "buy" rating in a research report on Friday. Finally, B. Riley boosted their price objective on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.88.

IREN Price Performance

The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $5.40 billion, a P/E ratio of 48.66 and a beta of 4.03. The company's 50-day simple moving average is $17.96 and its 200 day simple moving average is $11.38.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. As a group, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of IREN

Several large investors have recently modified their holdings of the company. Centaurus Financial Inc. boosted its holdings in shares of IREN by 5.3% during the 2nd quarter. Centaurus Financial Inc. now owns 31,150 shares of the company's stock worth $454,000 after buying an additional 1,570 shares during the period. Advisory Services Network LLC boosted its holdings in shares of IREN by 80.8% during the 2nd quarter. Advisory Services Network LLC now owns 100,254 shares of the company's stock worth $1,615,000 after buying an additional 44,798 shares during the period. Headlands Technologies LLC boosted its holdings in shares of IREN by 172.2% during the 2nd quarter. Headlands Technologies LLC now owns 294,542 shares of the company's stock worth $4,291,000 after buying an additional 186,344 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of IREN by 54.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company's stock worth $152,000 after buying an additional 3,684 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of IREN during the 2nd quarter worth $175,000. 41.08% of the stock is owned by 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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