IREN (NASDAQ:IREN) Trading 2.6% Higher - Should You Buy?

Key Points

• IREN shares rose 2.6% to $39.75 in Tuesday trading, although volume was 9% below the average session level. The company has a $14.21 billion market capitalization and a high beta of 4.29, indicating significant volatility.
• Wall Street’s outlook is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $82.71. Analysts’ targets range from $46 to $99, though JPMorgan maintains an “underweight” rating.
• IREN operates bitcoin-mining data centers, and institutional investors own 41.08% of its stock. Its valuation remains elevated, with a P/E ratio of 82.81 and shares trading below their 50-day and 200-day moving averages.

IREN Limited (NASDAQ:IREN - Get Free Report) was up 2.6% during trading on Tuesday . The company traded as high as $40.96 and last traded at $39.75. 38,563,026 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 42,537,922 shares. The stock had previously closed at $38.74.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Sanford C. Bernstein set a $96.00 price objective on shares of IREN in a research report on Thursday, June 4th. HC Wainwright boosted 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. Cantor Fitzgerald upped their price target on shares of IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. JPMorgan Chase & Co. upped their price target on shares of IREN from $39.00 to $46.00 and gave the stock an "underweight" rating in a report on Monday, May 11th. Finally, BTIG Research increased their price target on shares of IREN to $80.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $82.71.

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 stock has a market cap of $14.21 billion, a P/E ratio of 82.81 and a beta of 4.29. The stock has a 50-day simple moving average of $46.06 and a 200-day simple moving average of $46.56.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently modified their holdings of the stock. North Star Investment Management Corp. bought a new position in shares of IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC acquired a new stake in shares of IREN during the fourth quarter valued at about $27,000. Motco acquired a new stake in shares of IREN during the fourth quarter valued at about $30,000. GAMMA Investing LLC grew its holdings in shares of IREN by 177.5% during the second quarter. GAMMA Investing LLC now owns 691 shares of the company's stock worth $32,000 after purchasing an additional 442 shares during the last quarter. Finally, Purpose Unlimited Inc. bought a new position in IREN in the 4th quarter valued at approximately $34,000. Institutional investors own 41.08% of the company's stock.

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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