IREN (NASDAQ:IREN) Trading 3% Higher – Still a Buy?

IREN Limited (NASDAQ:IREN) was up 3% during trading on Wednesday . The stock traded as high as $38.90 and last traded at $36.83. Approximately 35,281,954 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 38,218,746 shares. The stock had previously closed at $35.74.

Analysts Set New Price Targets

Several equities research analysts have recently commented on IREN shares. B. Riley Financial reissued a “buy” rating on shares of IREN in a report on Friday, February 6th. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. HC Wainwright raised IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Tuesday, January 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Thirteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Trading Up 3.0%

The business has a 50 day moving average of $42.08 and a two-hundred day moving average of $47.68. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market cap of $12.24 billion, a P/E ratio of 27.69 and a beta of 4.30.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The business’s revenue was down 23.1% on a year-over-year basis. Analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC bought a new stake in IREN in the 3rd quarter valued at $25,000. Miller Wealth Advisors LLC raised its stake in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. bought a new stake in IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new stake in IREN in the 4th quarter valued at $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN in the 4th quarter valued at $28,000. Institutional investors own 41.08% of the company’s stock.

IREN Company Profile

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.