IREN (NASDAQ:IREN) Trading 7.7% Higher - What's Next?

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded IREN from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. Wall Street Zen downgraded IREN from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. B. Riley lifted their price objective on shares of IREN from $14.00 to $15.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $23.00 price target on shares of IREN in a research note on Friday, May 16th. Finally, Macquarie raised 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and an average target price of $20.30.

IREN Price Performance

The business's 50-day moving average price is $8.47 and its 200-day moving average price is $9.20.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). The business had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. As a group, research analysts forecast that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Belpointe Asset Management LLC increased its holdings in shares of IREN by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock valued at $152,000 after acquiring an additional 4,465 shares in the last quarter. Clearline Capital LP purchased a new stake in IREN during the 1st quarter worth approximately $178,000. PharVision Advisers LLC acquired a new position in IREN during the 1st quarter valued at approximately $126,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of IREN by 14.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company's stock worth $6,014,000 after buying an additional 122,668 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of IREN during the first quarter worth $40,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.