IREN Limited (NASDAQ:IREN) Given Average Rating of “Moderate Buy” by Brokerages

IREN Limited (NASDAQ:IREN) has received an average recommendation of “Moderate Buy” from the nineteen research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $82.6154.

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald boosted their price objective on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. BTIG Research raised their target price on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. lifted their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. HC Wainwright boosted their price target on shares of IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Freedom Capital raised shares of IREN to a “hold” rating in a research report on Wednesday, April 1st.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently bought and sold shares of IREN. Marex Group plc grew its position in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after buying an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in IREN in the fourth quarter valued at approximately $158,677,000. Clear Street Group Inc. purchased a new position in IREN in the fourth quarter worth approximately $137,075,000. Situational Awareness LP grew its holdings in IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after acquiring an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd grew its holdings in IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after acquiring an additional 2,614,835 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Stock Performance

NASDAQ:IREN opened at $54.02 on Wednesday. IREN has a fifty-two week low of $9.52 and a fifty-two week high of $76.87. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a 50 day moving average price of $50.63 and a 200 day moving average price of $46.73. The stock has a market capitalization of $19.31 billion, a P/E ratio of 112.54 and a beta of 4.22.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. Equities research analysts forecast that IREN will post -1.25 EPS for the current year.

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.