IREN’s (IREN) Buy Rating Reiterated at Canaccord Genuity Group

IREN (NASDAQ:IREN)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They presently have a $70.00 price target on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 51.68% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. B. Riley Financial reissued a “buy” rating on shares of IREN in a research report on Friday. Cantor Fitzgerald dropped their target price on shares of IREN to $82.00 and set an “overweight” rating on the stock in a report on Friday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IREN in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, November 24th. Finally, The Goldman Sachs Group initiated coverage on IREN in a research note on Thursday, December 18th. They issued a “neutral” rating and a $39.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and an average price target of $72.29.

IREN Stock Performance

Shares of IREN stock opened at $46.15 on Tuesday. The stock has a market capitalization of $13.08 billion, a price-to-earnings ratio of 34.70 and a beta of 4.26. IREN has a one year low of $5.13 and a one year high of $76.87. The company’s 50-day simple moving average is $46.44 and its 200-day simple moving average is $42.95. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.45). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The business’s quarterly revenue was down 23.1% compared to the same quarter last year. Equities analysts anticipate that IREN will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of IREN

Several large investors have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC acquired a new position in IREN during the 3rd quarter worth $25,000. Miller Wealth Advisors LLC raised its stake in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in IREN in the fourth quarter worth about $26,000. Clearstead Trust LLC bought a new position in IREN in the 4th quarter valued at about $27,000. Finally, Aventura Private Wealth LLC acquired a new position in IREN during the 4th quarter valued at about $28,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.