IREN (NASDAQ:IREN) Trading 8% Higher - Here's Why

Key Points

• IREN shares rose 8% in mid-day trading to $39.75, after reaching $40.21, with about 41.4 million shares changing hands.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $82.71; several firms recently raised targets to between $96 and $99.
• The company’s latest quarter missed expectations, reporting a $0.25 per-share loss and $144.79 million in revenue versus the $219.69 million consensus estimate. Institutional investors own 41.08% of IREN.

IREN Limited (NASDAQ:IREN - Get Free Report) traded up 8% during mid-day trading on Monday . The stock traded as high as $40.21 and last traded at $39.75. 41,389,489 shares were traded during trading, a decline of 4% from the average daily volume of 42,891,109 shares. The stock had previously closed at $36.80.

Analyst Ratings Changes

IREN has been the topic of several recent analyst reports. B. Riley Financial raised their price objective on shares of IREN from $88.00 to $96.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Cantor Fitzgerald raised their price target on IREN from $77.00 to $99.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. The Goldman Sachs Group restated a "neutral" rating on shares of IREN in a research report on Monday, July 20th. Compass Point reaffirmed a "buy" rating on shares of IREN in a research note on Tuesday, July 21st. Finally, Sanford C. Bernstein set a $96.00 price objective on IREN in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $82.71.

IREN Price Performance

The firm's fifty day moving average price is $48.86 and its 200 day moving average price is $47.19. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market cap of $14.21 billion, a PE ratio of 82.81 and a beta of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analysts' expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities analysts expect that IREN Limited will post -1.96 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several large investors have recently made changes to their positions in the company. CENTRAL TRUST Co boosted its stake in IREN by 19.8% during the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock valued at $51,000 after buying an additional 245 shares during the last quarter. Versant Capital Management Inc increased its stake in IREN by 14.5% in the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company's stock worth $115,000 after acquiring an additional 317 shares during the last quarter. Vermillion Wealth Management Inc. increased its stake in IREN by 19.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock worth $70,000 after acquiring an additional 328 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after acquiring an additional 335 shares in the last quarter. Finally, Hollencrest Capital Management raised its holdings in shares of IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock worth $36,000 after acquiring an additional 350 shares in the last quarter. 41.08% of the stock is 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.

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