JPMorgan Chase & Co. Raises IREN (NASDAQ:IREN) Price Target to $46.00

Key Points

• JPMorgan Chase & Co. raised its price target on IREN to $46 from $39, but kept an Underweight rating. The new target still implies downside from the stock’s recent trading price.
• Analyst views on IREN remain mixed overall: while some firms like BTIG and Cantor Fitzgerald have more bullish targets, others remain cautious. MarketBeat data shows a consensus Moderate Buy with an average price target of $71.77.
• IREN’s latest earnings disappointed, with EPS of -$0.25 versus expectations for -$0.22 and revenue of $144.8 million versus $219.69 million expected. The stock also traded lower on Monday amid ongoing investor focus on financing and growth plans.

IREN (NASDAQ:IREN - Get Free Report) had its price target lifted by JPMorgan Chase & Co. from $39.00 to $46.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 21.17% from the company's previous close.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $44.00 price objective on shares of IREN in a research note on Friday. BTIG Research raised their price objective on IREN to $80.00 and gave the company a "buy" rating in a research note on Friday. Cantor Fitzgerald dropped their price objective on IREN to $61.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Wall Street Zen downgraded IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. Finally, Weiss Ratings downgraded IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, April 22nd. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.77.

IREN Stock Performance

Shares of IREN stock traded down $2.85 during trading hours on Monday, reaching $58.35. 39,684,560 shares of the company's stock were exchanged, compared to its average volume of 39,453,574. The company has a market cap of $19.39 billion, a P/E ratio of 120.55 and a beta of 4.17. The company's 50 day moving average is $42.59 and its two-hundred day moving average is $46.71. IREN has a 1 year low of $7.29 and a 1 year high of $76.87. 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 issued its earnings results on Thursday, May 7th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.49% and a net margin of 20.90%.The business had revenue of $144.80 million for the quarter, compared to analysts' expectations of $219.69 million. Equities research analysts anticipate that IREN will post -0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Large investors have recently bought and sold shares of the stock. Situational Awareness LP boosted its holdings in shares of IREN by 20.5% during the fourth quarter. Situational Awareness LP now owns 8,700,621 shares of the company's stock worth $328,622,000 after purchasing an additional 1,480,200 shares during the last quarter. Marex Group plc boosted its holdings in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company's stock worth $168,880,000 after purchasing an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of IREN during the fourth quarter worth $158,677,000. Value Aligned Research Advisors LLC boosted its holdings in shares of IREN by 18.6% during the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company's stock worth $181,776,000 after purchasing an additional 607,189 shares during the last quarter. Finally, Clear Street Group Inc. acquired a new stake in shares of IREN during the fourth quarter worth $137,075,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: JPMorgan raised its price target on IREN to $46 from $39, suggesting Wall Street still sees value in the stock even though the firm kept an Underweight rating due to concerns about the structure of the Nvidia-related deal. Article Title
• Positive Sentiment: BTIG Research reportedly boosted its price target on IREN to $80, reinforcing bullish analyst sentiment after the company’s AI infrastructure announcement. Article Title
• Neutral Sentiment: IREN and Nvidia announced a strategic partnership to deploy up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s data-center pipeline, which continues to be the main long-term growth catalyst for the stock. Article Title
• Negative Sentiment: IREN announced a proposed $2 billion private offering of convertible senior notes due 2033, plus an optional $300 million add-on, which pressured the shares as investors weighed dilution and financing risk. Article Title
• Negative Sentiment: After a sharp surge on the Nvidia deal, IREN gave back some gains as traders took profits and reassessed whether the rally had run too far, too fast. Article Title

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.