IREN (NASDAQ:IREN) Trading Up 1.2% - Should You Buy?

Key Points

• Shares of IREN were up 1.2% to $48.72 on Monday with about 35.7M shares traded, and analysts carry a consensus rating of Moderate Buy with an average price target of $70.08 (13 Buys, 5 Holds, 1 Sell).
• IREN reported a quarterly EPS of ($0.44) versus ($0.07) expected and revenue of $184.69M versus $229.64M expected, a 23.1% year-over-year revenue decline, and analysts now forecast -0.8 EPS for the fiscal year, highlighting near-term weakness.
• IREN Limited operates bitcoin mining data centers, has a market cap of $16.19 billion and a high volatility profile (beta 4.30), which may increase investment risk and reward potential.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price was up 1.2% on Monday . The stock traded as high as $49.99 and last traded at $48.72. Approximately 35,746,173 shares traded hands during trading, a decline of 6% from the average daily volume of 37,943,309 shares. The stock had previously closed at $48.12.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IREN. Weiss Ratings upgraded IREN from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 9th. HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Tuesday, January 13th. Canaccord Genuity Group reiterated a "buy" rating and set a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Wall Street Zen downgraded shares of IREN from a "hold" rating to a "strong sell" rating in a report on Saturday, February 7th. Finally, Freedom Capital upgraded shares of IREN to a "hold" rating in a report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, IREN presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Stock Performance

The stock has a fifty day moving average of $40.83 and a 200-day moving average of $47.60. The stock has a market capitalization of $16.19 billion, a PE ratio of 36.63 and a beta of 4.30. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN - Get Free Report) last posted its 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). The business had revenue of $184.69 million during the quarter, compared to analysts' expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. IREN's revenue was down 23.1% compared to the same quarter last year. Equities analysts anticipate that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Large investors have recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. acquired a new position in IREN in the second quarter valued at approximately $158,000. NewEdge Advisors LLC boosted its holdings in IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company's stock valued at $631,000 after purchasing an additional 30,736 shares in the last quarter. Sei Investments Co. acquired a new position in IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp boosted its holdings in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company's stock valued at $265,000 after purchasing an additional 4,200 shares in 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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