IREN (NASDAQ:IREN) Trading Up 7.7% - Here's What Happened

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were up 7.7% on Tuesday . The stock traded as high as $11.60 and last traded at $11.48. Approximately 11,284,381 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 16,006,199 shares. The stock had previously closed at $10.66.

Analyst Ratings Changes

IREN has been the topic of a number of recent research reports. HC Wainwright dropped their price target on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Canaccord Genuity Group reissued a "buy" rating and set a $23.00 price objective on shares of IREN in a report on Friday, May 16th. Macquarie increased their price objective on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Wall Street Zen cut IREN from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised IREN from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $20.30.

IREN Trading Up 2.9%

The firm has a 50-day moving average price of $8.32 and a 200 day moving average price of $9.21.

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

Institutional Investors Weigh In On IREN

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in shares of IREN in the 4th quarter valued at approximately $587,000. Private Advisor Group LLC purchased a new position in shares of IREN in the 4th quarter valued at approximately $120,000. Farther Finance Advisors LLC lifted its stake in shares of IREN by 57.3% in the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after purchasing an additional 5,700 shares during the period. Bank of America Corp DE lifted its stake in shares of IREN by 46.5% in the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock valued at $1,834,000 after purchasing an additional 59,250 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of 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 purchasing an additional 7,646 shares during the period. Hedge funds and other institutional investors own 41.08% of the company's stock.

About IREN

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.