IREN (NASDAQ:IREN) Trading Up 5.8% - Here's Why

Key Points

• IREN shares rose 5.8% on Monday to $38.84 intraday (high $39.17) with about 31.4 million shares traded, roughly 24% below its average daily volume.
• Analysts skew bullish: the consensus rating is Moderate Buy with a consensus target of $71.69 (13 Buys, 3 Holds, 2 Sells) and recent upgrades including HC Wainwright boosting its rating to Buy with an $80 target.
• Fundamentals showed weakness—Q4 EPS of ($0.44) missed estimates and revenue fell 23.1% year‑over‑year to $184.69M—yet several large institutional investors have recently increased positions, leaving institutions owning about 41.08% of the stock.

IREN Limited (NASDAQ:IREN - Get Free Report) shares rose 5.8% on Monday . The company traded as high as $39.17 and last traded at $38.84. Approximately 31,415,967 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 41,266,137 shares. The stock had previously closed at $36.70.

Analyst Ratings Changes

IREN has been the subject of several recent research reports. HC Wainwright upgraded shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 target price for the company in a report on Tuesday, January 13th. Zacks Research raised IREN from a "strong sell" rating to a "hold" rating in a research report on Tuesday, December 16th. B. Riley Financial reiterated a "buy" rating on shares of IREN in a research note on Friday, February 6th. Cantor Fitzgerald cut their target price on IREN to $82.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Finally, Citigroup assumed coverage on IREN in a research note on Wednesday, November 19th. They issued an "outperform" rating on the stock. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.69.

IREN Stock Up 5.8%

The company has a market cap of $12.91 billion, a P/E ratio of 29.20 and a beta of 4.31. The company's 50-day moving average is $46.58 and its two-hundred day moving average is $46.17. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

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 analysts' consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN's revenue for the quarter was down 23.1% on a year-over-year basis. As a group, equities analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hood River Capital Management LLC purchased a new position in shares of IREN during the second quarter valued at approximately $74,228,000. Marex Group plc lifted its holdings in shares of IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company's stock valued at $168,880,000 after buying an additional 4,440,032 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of IREN in the 4th quarter worth $158,677,000. Clear Street Group Inc. bought a new stake in shares of IREN in the fourth quarter worth $137,075,000. Finally, Situational Awareness LP increased its position in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after acquiring an additional 3,034,254 shares during the last quarter. 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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