IREN (NASDAQ:IREN) Trading 1.9% Higher - Here's What Happened

Key Points

• IREN shares rose 1.9% to $44.90 during Monday trading, reaching as high as $46.59, with about 39.7 million shares traded.
• Analyst sentiment remains broadly positive: IREN has a consensus “Moderate Buy” rating and an average price target of $83.00, despite one recent downgrade to “Sell.”
• IREN has a $16.05 billion market capitalization and high volatility, reflected by a beta of 4.29; institutional investors own approximately 41.08% of the stock.

IREN Limited (NASDAQ:IREN - Get Free Report) was up 1.9% during trading on Monday . The company traded as high as $46.59 and last traded at $44.90. Approximately 39,692,328 shares changed hands during trading, a decline of 8% from the average daily volume of 42,925,430 shares. The stock had previously closed at $44.06.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IREN shares. Weiss Ratings downgraded shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 7th. Sanford C. Bernstein restated an "outperform" rating and set a $100.00 price objective on shares of IREN in a report on Thursday. Jefferies Financial Group started coverage on shares of IREN in a research report on Thursday, June 18th. They issued a "buy" rating and a $79.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of IREN in a research note on Tuesday, July 21st. Finally, HC Wainwright increased their target price on shares of IREN from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.00.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company has a 50 day simple moving average of $44.54 and a 200-day simple moving average of $46.26. The stock has a market capitalization of $16.05 billion, a P/E ratio of 93.54 and a beta of 4.29.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Situational Awareness LP raised its position in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after buying an additional 2,998,214 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new stake in IREN during the first quarter valued at $20,878,000. Triglav Investments D.O.O. purchased a new position in IREN during the first quarter worth about $871,000. Oppenheimer & Co. Inc. grew its position in IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock worth $1,018,000 after buying an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock worth $1,746,000 after acquiring an additional 34,129 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source