IREN (NASDAQ:IREN) Raised to “Hold” at Zacks Research

IREN (NASDAQ:IREN) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the stock. Citizens Jmp initiated coverage on shares of IREN in a research note on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 price objective for the company. Citigroup initiated coverage on shares of IREN in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Canaccord Genuity Group boosted their price objective on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Roth Capital set a $94.00 target price on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, Compass Point reissued a “buy” rating and set a $105.00 price target on shares of IREN in a research note on Friday, November 7th. Twelve research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.64.

IREN Stock Up 6.7%

IREN stock opened at $36.03 on Tuesday. The firm has a 50-day moving average price of $53.37 and a 200-day moving average price of $33.66. IREN has a 12 month low of $5.13 and a 12 month high of $76.87. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $10.21 billion, a P/E ratio of 18.86 and a beta of 4.23.

Institutional Investors Weigh In On IREN

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new position in shares of IREN in the third quarter worth approximately $25,000. Allianz SE bought a new position in IREN during the 3rd quarter worth approximately $57,000. Sherman Asset Management Inc. acquired a new position in shares of IREN in the 3rd quarter worth approximately $59,000. Banque Cantonale Vaudoise bought a new stake in shares of IREN in the 3rd quarter valued at $67,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of IREN in the 3rd quarter valued at $74,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.