IREN (NASDAQ:IREN) Trading 1% Higher - What's Next?

Key Points

• IREN shares were trading about 1% higher mid-day at $35.13 (intraday high $35.67) on roughly 21.4M shares, a 44% drop versus average daily volume.
• Analyst sentiment is mixed but leans positive with a MarketBeat consensus of "Moderate Buy" and an average price target of $71.69, while individual ratings range from "strong sell" to "overweight."
• IREN missed expectations last quarter, reporting EPS of ‑$0.44 versus a ‑$0.07 estimate and revenue of $184.7M (down 23.1% year-over-year versus $229.6M expected), indicating weakening top-line performance.

IREN Limited (NASDAQ:IREN - Get Free Report) shares were up 1% during mid-day trading on Monday . The company traded as high as $35.67 and last traded at $35.13. Approximately 21,414,914 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 38,485,652 shares. The stock had previously closed at $34.77.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of research analyst reports. Zacks Research raised shares of IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. The Goldman Sachs Group initiated coverage on shares of IREN in a research report on Thursday, December 18th. They set a "neutral" rating and a $39.00 price target for the company. Cantor Fitzgerald decreased their price target on IREN to $82.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Wall Street Zen downgraded IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of IREN in a report on Friday, February 6th. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $71.69.

IREN Trading Up 1.0%

The company has a market cap of $11.67 billion, a price-to-earnings ratio of 26.41 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The business's 50-day simple moving average is $42.91 and its 200-day simple moving average is $47.71.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The company's revenue was down 23.1% compared to the same quarter last year. Research analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in IREN during the third quarter worth approximately $1,854,000. Wealth Enhancement Advisory Services LLC raised its holdings in IREN by 88.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company's stock valued at $5,408,000 after acquiring an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC purchased a new position in shares of IREN during the 3rd quarter worth $2,995,000. Hood River Capital Management LLC acquired a new stake in shares of IREN during the second quarter worth $74,228,000. Finally, Beryl Capital Management LLC purchased a new stake in shares of IREN in the second quarter valued at $5,828,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

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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