IREN (NASDAQ:IREN) Trading 8.7% Higher - Here's Why

Key Points

• IREN shares jumped 8.7% to $41.23 during Friday trading, reaching as high as $41.30 on volume of about 30.8 million shares.
• Wall Street sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $82.71, though analyst opinions include four Holds and two Sells.
• The company’s latest quarter fell short of expectations: IREN reported an EPS loss of $0.25 versus the $0.22 expected and revenue of $144.79 million versus forecasts of $219.69 million.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price was up 8.7% during trading on Friday . The company traded as high as $41.30 and last traded at $41.23. Approximately 30,848,709 shares were traded during trading, a decline of 28% from the average daily volume of 42,647,504 shares. The stock had previously closed at $37.93.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Needham & Company LLC reiterated a "hold" rating on shares of IREN in a research note on Tuesday, July 21st. Cantor Fitzgerald raised their price objective on shares of IREN from $77.00 to $99.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Canaccord Genuity Group restated a "buy" rating and issued a $79.00 price objective on shares of IREN in a report on Tuesday, July 21st. Citigroup reaffirmed a "market outperform" rating on shares of IREN in a research note on Tuesday, July 21st. Finally, Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $82.71.

IREN Price Performance

The stock's 50 day moving average is $47.04 and its two-hundred day moving average is $46.78. The stock has a market capitalization of $14.73 billion, a PE ratio of 85.90 and a beta of 4.29. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

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

Hedge Funds Weigh In On IREN

Several large investors have recently bought and sold shares of the business. CENTRAL TRUST Co boosted its stake in IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock valued at $51,000 after acquiring an additional 245 shares in the last quarter. Versant Capital Management Inc increased its position in shares of IREN by 14.5% during the second quarter. Versant Capital Management Inc now owns 2,509 shares of the company's stock worth $115,000 after purchasing an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. increased its position in shares of IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock worth $70,000 after purchasing an additional 328 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock valued at $75,000 after purchasing an additional 335 shares during the last quarter. Finally, Hollencrest Capital Management lifted its holdings in shares of IREN by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock valued at $36,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other 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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