IREN (NASDAQ:IREN) Shares Up 7.7% - Time to Buy?

Key Points

• IREN shares rose 7.7% to approximately $43.77, although trading volume was 83% below the average session level.
• Analyst sentiment remains broadly positive: MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $81.13, despite some rating and target-price reductions.
• IREN operates renewable-energy data centers for bitcoin mining and AI cloud services, while institutional investors own 41.08% of the company’s stock.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were up 7.7% on Friday. The stock traded as high as $43.26 and last traded at $43.7680. 6,983,475 shares traded hands during trading, a decline of 83% from the average session volume of 42,110,527 shares. The stock had previously closed at $40.65.

Analyst Upgrades and Downgrades

IREN has been the topic of a number of research analyst reports. Citigroup reissued a "market outperform" rating on shares of IREN in a research note on Friday, August 28th. Morgan Stanley cut shares of IREN to a "buy" rating in a research report on Wednesday, September 2nd. B. Riley Financial dropped their target price on shares of IREN from $96.00 to $91.00 and set a "buy" rating for the company in a report on Tuesday. The Goldman Sachs Group restated a "neutral" rating on shares of IREN in a research report on Monday, July 20th. Finally, Weiss Ratings cut IREN from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, IREN has a consensus rating of "Moderate Buy" and an average target price of $81.13.

IREN Stock Performance

The stock has a market capitalization of $16.53 billion, a PE ratio of -17.96 and a beta of 4.26. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The firm's 50 day moving average is $41.45 and its two-hundred day moving average is $45.82.

Institutional Trading of IREN

A number of large investors have recently modified their holdings of IREN. Situational Awareness LP increased its position in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after buying an additional 2,998,214 shares during the period. Clear Street Group Inc. acquired a new position in IREN during the fourth quarter worth about $137,075,000. Bank of America Corp DE grew its position in IREN by 58.4% during the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company's stock worth $73,312,000 after buying an additional 788,547 shares during the period. Capital Research Global Investors purchased a new position in IREN in the fourth quarter valued at about $38,730,000. Finally, Swiss National Bank purchased a new position in IREN in the first quarter valued at about $33,032,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN's operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.

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.