IREN (NASDAQ:IREN) Stock Price Up 7.6% - Here's What Happened

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 7.6% during trading on Monday . The stock traded as high as $18.64 and last traded at $17.46. Approximately 23,005,116 shares traded hands during trading, an increase of 37% from the average daily volume of 16,780,942 shares. The stock had previously closed at $16.23.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. HC Wainwright dropped their price target on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday. Macquarie upped their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of IREN in a report on Friday, May 16th. Finally, B. Riley reiterated a "buy" rating and issued a $22.00 price objective (up from $15.00) on shares of IREN in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and an average price target of $20.44.

IREN Price Performance

The company's 50-day moving average is $10.66 and its 200-day moving average is $9.43.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.06). The firm had revenue of $148.10 million for the quarter, compared to the consensus estimate of $153.38 million. IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. Analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently bought and sold shares of IREN. Clear Harbor Asset Management LLC acquired a new stake in IREN during the second quarter worth approximately $277,000. Farther Finance Advisors LLC raised its position in shares of IREN by 59.9% in the second quarter. Farther Finance Advisors LLC now owns 25,038 shares of the company's stock valued at $365,000 after buying an additional 9,384 shares in the last quarter. AFG Fiduciary Services Limited Partnership acquired a new stake in shares of IREN in the second quarter valued at approximately $254,000. Wealth Enhancement Advisory Services LLC raised its position in shares of IREN by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company's stock valued at $892,000 after buying an additional 3,307 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of IREN in the second quarter valued at approximately $4,808,000. 41.08% of the stock is currently 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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