IREN (NASDAQ:IREN) Trading Up 9.2% - What's Next?

Key Points

• IREN Limited's stock surged 9.2% during mid-day trading, reaching a peak of $18.21 before closing at $17.97.
• Analyst ratings for IREN are generally positive, with a consensus rating of "Moderate Buy" and a target price of $20.89.
• The company reported negative earnings in its last quarter with a loss of ($0.06) per share, and revenue fell short of estimates at $148.10 million.

IREN Limited (NASDAQ:IREN - Get Free Report) was up 9.2% during mid-day trading on Wednesday . The stock traded as high as $18.21 and last traded at $17.97. Approximately 11,667,581 shares were traded during trading, a decline of 37% from the average daily volume of 18,559,947 shares. The stock had previously closed at $16.45.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IREN. B. Riley restated a "buy" rating and issued a $22.00 target price (up from $15.00) on shares of IREN in a research note on Thursday, July 10th. Macquarie increased their price objective on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $16.00 target price (up from $12.00) on shares of IREN in a research note on Monday, July 28th. Finally, HC Wainwright lowered their target price on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.89.

IREN Trading Up 11.6%

The firm's 50 day moving average is $13.79 and its two-hundred day moving average is $10.18.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. The company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. As a group, analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Main Management LLC acquired a new position in shares of IREN in the 4th quarter valued at $49,000. Crewe Advisors LLC acquired a new position in shares of IREN in the 1st quarter valued at $39,000. Quarry LP purchased a new stake in IREN in the 1st quarter valued at $40,000. Tower Research Capital LLC TRC raised its position in IREN by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after purchasing an additional 7,646 shares during the last quarter. Finally, Delta Financial Group Inc. purchased a new stake in IREN in the 1st quarter valued at $61,000. Institutional investors and hedge funds own 41.08% of the company's stock.

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.

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