IREN (NASDAQ:IREN) Stock Price Up 5.4% - Time to Buy?

Key Points

• IREN Limited's shares rose by 5.4%, trading at $18.69 after reaching as high as $19.01 on Thursday, despite a 31% decline in trading volume compared to its average.
• The company reported quarterly earnings of $0.11 EPS, missing estimates and generating $148.10 million in revenue, below the expected $153.38 million.
• Analysts have given IREN a consensus rating of "Moderate Buy" with a target price averaging $20.89, influenced by several recent upgrades and downgrades from major financial firms.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 5.4% during mid-day trading on Thursday . The company traded as high as $19.01 and last traded at $18.69. Approximately 12,737,826 shares changed hands during trading, a decline of 31% from the average daily volume of 18,548,174 shares. The stock had previously closed at $17.73.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IREN. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. Macquarie upped their target price on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. HC Wainwright dropped their target price on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. B. Riley reaffirmed a "buy" rating and issued a $22.00 price target (up previously from $15.00) on shares of IREN in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $16.00 target price (up from $12.00) on shares of IREN in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, IREN has a consensus rating of "Moderate Buy" and a consensus price target of $20.89.

IREN Stock Down 9.5%

The business has a fifty day moving average price of $15.68 and a two-hundred day moving average price of $10.71.

Hedge Funds Weigh In On IREN

Institutional investors have recently made changes to their positions in the company. Drive Wealth Management LLC increased its stake in shares of IREN by 3.0% in the 2nd quarter. Drive Wealth Management LLC now owns 40,924 shares of the company's stock valued at $596,000 after purchasing an additional 1,179 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock worth $80,000 after acquiring an additional 1,387 shares during the last quarter. Main Management ETF Advisors LLC increased its position in shares of IREN by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 105,528 shares of the company's stock worth $1,538,000 after purchasing an additional 1,716 shares in the last quarter. Advisors Asset Management Inc. raised its stake in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in IREN by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company's stock valued at $123,000 after purchasing an additional 2,035 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other 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.