IREN (NASDAQ:IREN) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded IREN from a "strong sell" to a "hold" in a research note issued Tuesday.
• Analyst consensus is a "Moderate Buy" with a consensus price target of $67.64, based on 12 Buy, 5 Hold and 2 Sell ratings across firms including Macquarie and Citigroup.
• IREN shares traded at $33.78 on the report, sit in a 52‑week range of $5.13–$76.87, have a market cap of $9.58 billion and a P/E of 17.41, and are ~41.1% institutionally owned.

IREN (NASDAQ:IREN - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities analysts also recently issued reports on IREN. JMP Securities set a $80.00 price target on shares of IREN in a report on Wednesday, November 19th. JPMorgan Chase & Co. lifted their target price on shares of IREN from $28.00 to $39.00 and gave the company an "underweight" rating in a research note on Monday, November 24th. Weiss Ratings restated a "hold (c)" rating on shares of IREN in a research report on Monday. Macquarie lifted their price objective on IREN to $86.00 and gave the company an "outperform" rating in a research report on Wednesday, October 22nd. Finally, Citigroup began coverage on IREN in a report on Wednesday, November 19th. They set an "outperform" rating on the stock. Twelve equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $67.64.

IREN Stock Performance

Shares of NASDAQ:IREN opened at $33.78 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The business's fifty day moving average price is $53.37 and its two-hundred day moving average price is $33.66. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 17.41 and a beta of 4.23.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in IREN by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company's stock worth $4,927,000 after acquiring an additional 98,190 shares during the period. Fox Run Management L.L.C. acquired a new stake in shares of IREN during the first quarter worth $169,000. Wellington Management Group LLP increased its holdings in IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock valued at $80,000 after purchasing an additional 1,387 shares during the last quarter. CW Advisors LLC bought a new stake in IREN in the first quarter valued at about $122,000. Finally, Aurelius Capital Management LP acquired a new position in IREN in the first quarter valued at about $311,000. 41.08% of the stock is owned by 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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