IREN (NASDAQ:IREN) Trading Up 3.1% - Should You Buy?

Key Points

• Shares of IREN rose 3.1% to $48.82 on Wednesday with ~31.9M shares traded (about 16% below average); the company has a $16.22B market cap and a high beta of 4.30, indicating elevated volatility.
• Analysts hold a consensus Moderate Buy rating with a $70.08 average price target (13 Buys, 5 Holds, 1 Sell), while individual targets range from $39 (Goldman Sachs) to $80 (HC Wainwright).
• IREN missed its most recent quarter—EPS $(0.44) vs. $(0.07) expected and revenue $184.7M vs. $229.6M expected, with revenue down 23.1% year-over-year; the company operates bitcoin mining data centers.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were up 3.1% during trading on Wednesday . The stock traded as high as $48.86 and last traded at $48.82. Approximately 31,862,862 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 38,076,426 shares. The stock had previously closed at $47.37.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IREN shares. Cantor Fitzgerald lowered their price objective on shares of IREN to $61.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Weiss Ratings raised shares of IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. The Goldman Sachs Group started coverage on IREN in a report on Thursday, December 18th. They issued a "neutral" rating and a $39.00 price target for the company. Freedom Capital raised IREN to a "hold" rating in a research note on Wednesday, April 1st. Finally, HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Tuesday, January 13th. Thirteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Stock Up 3.1%

The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market cap of $16.22 billion, a PE ratio of 36.71 and a beta of 4.30. The business's 50-day simple moving average is $40.47 and its 200 day simple moving average is $47.57.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share 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 negative return on equity of 10.01% and a net margin of 56.59%.The firm's revenue was down 23.1% on a year-over-year basis. As a group, equities research analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IREN. Global Retirement Partners LLC bought a new stake in IREN during the third quarter valued at about $25,000. Miller Wealth Advisors LLC raised its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of IREN during the fourth quarter valued at about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the fourth quarter valued at about $27,000. Finally, Aventura Private Wealth LLC bought a new stake in shares of IREN in the 4th quarter valued at about $28,000. 41.08% of the stock is owned by institutional investors.

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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