IREN (NASDAQ:IREN) Stock Price Up 2.8% – Time to Buy?

IREN Limited (NASDAQ:IREN) traded up 2.8% on Tuesday . The company traded as high as $49.35 and last traded at $48.55. 33,526,604 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 42,703,629 shares. The stock had previously closed at $47.23.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on IREN shares. Needham & Company LLC restated a “hold” rating on shares of IREN in a research note on Tuesday, July 21st. Jefferies Financial Group started coverage on shares of IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 price objective on the stock. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. JPMorgan Chase & Co. upgraded shares of IREN from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $65.00 in a research report on Monday, September 14th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of IREN in a research note on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.47.

IREN Trading Down 0.3%

The stock’s 50 day moving average is $40.99 and its 200-day moving average is $45.71. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.80. The company has a market cap of $18.48 billion, a PE ratio of -19.97 and a beta of 4.28.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in IREN in the fourth quarter worth $158,677,000. Clear Street Group Inc. purchased a new position in shares of IREN during the 4th quarter worth about $137,075,000. Situational Awareness LP grew its holdings in IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Capital Research Global Investors bought a new stake in shares of IREN during the 4th quarter worth approximately $38,730,000. Finally, Swiss National Bank bought a new position in IREN during the 1st quarter worth about $33,032,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.