IREN (NASDAQ:IREN) Shares Up 9.9% – Here’s Why

IREN Limited (NASDAQ:IREN) shares were up 9.9% during trading on Wednesday . The stock traded as high as $44.67 and last traded at $43.67. 47,857,255 shares traded hands during trading, an increase of 12% from the average session volume of 42,628,297 shares. The stock had previously closed at $39.75.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IREN shares. Cantor Fitzgerald boosted their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Compass Point reaffirmed a “buy” rating on shares of IREN in a research report on Tuesday, July 21st. Jefferies Financial Group began coverage on IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective for the company. B. Riley Financial boosted their target price on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, Citigroup restated a “market outperform” rating on shares of IREN in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Stock Performance

The firm has a market cap of $15.61 billion, a P/E ratio of 90.98 and a beta of 4.29. 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 business’s 50-day simple moving average is $45.53 and its 200 day simple moving average is $46.46.

Institutional Trading of IREN

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock valued at $32,000 after acquiring an additional 442 shares during the period. North Star Investment Management Corp. bought a new stake in shares of IREN during the 4th quarter valued at about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the 4th quarter valued at about $27,000. Motco purchased a new stake in shares of IREN during the 4th quarter valued at about $30,000. Finally, Purpose Unlimited Inc. bought a new position in shares of IREN in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors 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.