IREN (NASDAQ:IREN) Stock Price Up 7.1% - Should You Buy?

Key Points

• Shares jumped 7.1% intraday to $48.39 (high $48.83) on Wednesday with ~33.04M shares traded, about 13% below the stock's average session volume.
• Quarterly results missed expectations: IREN reported EPS of ($0.44) vs. consensus ($0.07) and revenue of $184.69M vs. $229.64M, with revenue down 23.1% year‑over‑year.
• Analysts hold a consensus "Moderate Buy" (13 Buys, 5 Holds, 1 Sell) with a $70.08 average price target; the company is a Sydney‑based bitcoin mining operator with a $16.08B market cap and a high beta (4.30).

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) traded up 7.1% during trading on Wednesday . The stock traded as high as $48.83 and last traded at $48.39. 33,036,350 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 37,806,383 shares. The stock had previously closed at $45.17.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. B. Riley Financial reiterated a "buy" rating on shares of IREN in a research note on Friday, February 6th. Wall Street Zen cut shares of IREN from a "hold" rating to a "strong sell" rating in a report on Saturday, February 7th. Cantor Fitzgerald decreased their target price on shares of IREN to $61.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. HC Wainwright raised IREN from a "sell" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Tuesday, January 13th. Finally, Weiss Ratings upgraded IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, IREN has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Trading Up 7.1%

The firm has a market cap of $16.08 billion, a PE ratio of 36.38 and a beta of 4.30. The company's fifty day moving average price is $40.93 and its two-hundred day moving average price is $47.58. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The firm had revenue of $184.69 million for the quarter, compared to analysts' expectations of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN's quarterly revenue was down 23.1% compared to the same quarter last year. As a group, sell-side analysts forecast that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of large investors have recently modified their holdings of the business. Pictet Asset Management Holding SA boosted its stake in shares of IREN by 349.3% in the first quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company's stock valued at $4,379,000 after buying an additional 99,384 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in IREN during the first quarter worth $221,000. Kestra Private Wealth Services LLC raised its position in IREN by 104.7% in the first quarter. Kestra Private Wealth Services LLC now owns 23,437 shares of the company's stock worth $803,000 after acquiring an additional 11,987 shares in the last quarter. RFG Advisory LLC acquired a new stake in IREN in the first quarter valued at $204,000. Finally, CENTRAL TRUST Co lifted its holdings in IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock valued at $51,000 after acquiring an additional 245 shares during the period. 41.08% of the stock is owned by hedge funds and other institutional investors.

IREN Company Profile

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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