IREN (NASDAQ:IREN) Trading 9.2% Higher - Here's What Happened

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)'s stock price was up 9.2% 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

Several analysts have recently weighed in on IREN shares. JPMorgan Chase & Co. restated a "neutral" rating and set a $16.00 price objective (up previously from $12.00) on shares of IREN in a research report on Monday, July 28th. 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. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. B. Riley reiterated a "buy" rating and issued a $22.00 price objective (up previously from $15.00) on shares of IREN in a research note on Thursday, July 10th. Finally, HC Wainwright reduced their price objective on 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and an average target price of $20.89.

IREN Trading Down 0.6%

The stock has a fifty day moving average of $14.38 and a two-hundred day moving average of $10.32.

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

Institutional Trading of IREN

Institutional investors have recently bought and sold shares of the company. Maridea Wealth Management LLC boosted its position in IREN by 57.1% during the first quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company's stock worth $1,950,000 after purchasing an additional 116,408 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in IREN during the fourth quarter worth $587,000. Private Advisor Group LLC boosted its position in IREN by 4,075.5% during the first quarter. Private Advisor Group LLC now owns 508,118 shares of the company's stock worth $3,094,000 after purchasing an additional 495,949 shares in the last quarter. Farther Finance Advisors LLC boosted its position in IREN by 57.3% during the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after purchasing an additional 5,700 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of IREN by 46.5% in the fourth quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock valued at $1,834,000 after acquiring an additional 59,250 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other 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.