IREN (NASDAQ:IREN) Upgraded by HC Wainwright to "Buy" Rating

Key Points

• HC Wainwright upgraded IREN from a "sell" to a "buy" and set an $80 price target, implying about a 56.99% upside from the stock's prior close.
• MarketBeat shows a consensus of Moderate Buy (13 Buys, 5 Holds, 1 Sell) with an average target of $69.36; IREN traded at $50.96 (+1.3%) and recently missed EPS (‑$0.34 vs $0.14) while revenue grew 28.3% year‑over‑year.

IREN (NASDAQ:IREN - Get Free Report) was upgraded by investment analysts at HC Wainwright from a "sell" rating to a "buy" rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage presently has a $80.00 target price on the stock. HC Wainwright's price target would suggest a potential upside of 56.99% from the stock's previous close.

IREN has been the subject of several other reports. Zacks Research raised IREN from a "strong sell" rating to a "hold" rating in a research report on Tuesday, December 16th. UBS Group reiterated a "buy" rating on shares of IREN in a report on Friday, November 7th. Arete Research began coverage on shares of IREN in a report on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price for the company. Wall Street Zen downgraded shares of IREN from a "hold" rating to a "sell" rating in a research report on Monday, December 22nd. Finally, Canaccord Genuity Group increased their price objective on shares of IREN from $42.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, November 10th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.36.

IREN Trading Up 1.3%

Shares of IREN stock traded up $0.63 on Tuesday, reaching $50.96. The company had a trading volume of 15,638,212 shares, compared to its average volume of 35,112,570. The stock has a market cap of $14.45 billion, a PE ratio of 26.23 and a beta of 4.25. The company has a 50-day moving average of $46.42 and a 200-day moving average of $37.88. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN has a 12 month low of $5.13 and a 12 month high of $76.87.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, November 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.48). The firm had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm's revenue was up 28.3% compared to the same quarter last year. On average, equities analysts forecast that IREN will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently bought and sold shares of the stock. Benin Management CORP acquired a new position in shares of IREN in the fourth quarter valued at approximately $211,000. Evolution Wealth Advisors LLC boosted its stake in IREN by 20.3% in the 4th quarter. Evolution Wealth Advisors LLC now owns 29,835 shares of the company's stock valued at $1,127,000 after purchasing an additional 5,040 shares during the period. Wealth Management Partners LLC boosted its stake in IREN by 21.6% in the 4th quarter. Wealth Management Partners LLC now owns 12,659 shares of the company's stock valued at $478,000 after purchasing an additional 2,250 shares during the period. DKM Wealth Management Inc. grew its holdings in IREN by 18.2% in the 4th quarter. DKM Wealth Management Inc. now owns 7,237 shares of the company's stock valued at $273,000 after buying an additional 1,115 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in IREN by 55.8% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 8,183 shares of the company's stock worth $309,000 after buying an additional 2,932 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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