IREN (NASDAQ:IREN) Stock Jumps 6% - What's Next?

Key Points

• IREN shares rose 6% to approximately $28.61 in mid-day trading, although volume was about 52% below the stock’s average daily volume.
• Analyst sentiment is broadly positive: IREN has a “Moderate Buy” consensus rating and an average price target of $81.13, with recent targets ranging from $65 to $99.
• IREN operates data centers supporting bitcoin mining and AI cloud services, while institutional investors own approximately 41.08% of the company’s shares.

IREN Limited (NASDAQ:IREN - Get Free Report) rose 6% during mid-day trading on Monday. The company traded as high as $28.71 and last traded at $28.6060. Approximately 20,474,974 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 42,939,848 shares. The stock had previously closed at $26.99.

Wall Street Analysts Forecast Growth

IREN has been the topic of several recent research reports. JPMorgan Chase & Co. raised IREN from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $46.00 to $65.00 in a report on Monday, September 14th. BTIG Research reaffirmed a "buy" rating and issued a $80.00 price objective on shares of IREN in a report on Monday, September 14th. B. Riley Financial decreased their target price on shares of IREN from $96.00 to $91.00 and set a "buy" rating for the company in a research report on Tuesday, September 29th. Northland Securities initiated coverage on IREN in a report on Friday, September 18th. They set an "outperform" rating and a $99.00 price target on the stock. Finally, The Goldman Sachs Group reissued a "neutral" rating on shares of IREN in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $81.13.

IREN Trading Up 5.8%

The business's 50 day moving average price is $41.06 and its two-hundred day moving average price is $45.46. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of -12.21 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.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Situational Awareness LP lifted its position in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after purchasing an additional 2,998,214 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of IREN during the first quarter worth $20,878,000. Triglav Investments D.O.O. acquired a new position in IREN in the 1st quarter worth about $871,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in IREN in the second quarter worth approximately $2,989,000. Finally, Pictet Asset Management Holding SA raised its holdings in shares of IREN by 349.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company's stock valued at $4,379,000 after purchasing an additional 99,384 shares in the last quarter. 41.08% of the stock is owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN's operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.

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