IREN (NASDAQ:IREN) Stock Jumps 2.7% - Still a Buy?

Key Points

• IREN shares rose 2.7% to $41.76 in heavy trading, with approximately 41 million shares changing hands.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $81.13, despite some target reductions and one downgrade to “Sell.”
• IREN operates renewable-energy data centers focused on bitcoin mining and AI cloud services; institutional investors and hedge funds own 41.08% of its shares.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded up 2.7% on Friday. The stock traded as high as $43.91 and last traded at $41.76. Approximately 40,981,728 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 42,317,102 shares. The stock had previously closed at $40.65.

Analysts Set New Price Targets

A number of research firms recently commented on IREN. BTIG Research reiterated a "buy" rating and issued a $80.00 price objective on shares of IREN in a report on Monday, September 14th. B. Riley Financial lowered their price target on IREN from $96.00 to $91.00 and set a "buy" rating for the company in a report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $99.00 target price on shares of IREN in a research report on Friday, August 28th. Weiss Ratings lowered shares of IREN from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, August 31st. Finally, Northland Securities assumed coverage on shares of IREN in a research note on Friday, September 18th. They issued an "outperform" rating and a $99.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.13.

IREN Price Performance

The company has a market capitalization of $16.46 billion, a PE ratio of -17.85 and a beta of 4.26. The company has a debt-to-equity ratio of 1.80, a current ratio of 3.55 and a quick ratio of 3.55. The stock's 50 day simple moving average is $41.45 and its 200-day simple moving average is $45.82.

Institutional Investors Weigh In On IREN

Hedge funds have recently added to or reduced their stakes in the business. Andra AP fonden purchased a new position in IREN in the second quarter valued at $218,000. SkyView Investment Advisors LLC acquired a new position in IREN in the second quarter valued at $823,000. Sequoia Financial Advisors LLC acquired a new stake in shares of IREN during the second quarter worth about $263,000. MCF Advisors LLC grew its stake in IREN by 5,159.1% during the 2nd quarter. MCF Advisors LLC now owns 1,157 shares of the company's stock worth $53,000 after buying an additional 1,135 shares during the last quarter. Finally, National Pension Service purchased a new stake in IREN in the second quarter valued at approximately $1,213,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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