IREN (NASDAQ:IREN – Get Free Report) had its target price lifted by equities researchers at JPMorgan Chase & Co. from $39.00 to $46.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 21.17% from the stock’s current price.
A number of other research analysts have also recently weighed in on the company. BTIG Research lifted their target price on IREN to $80.00 and gave the company a “buy” rating in a report on Friday. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $44.00 target price on shares of IREN in a report on Friday. Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $71.77.
Get Our Latest Stock Analysis on IREN
IREN Trading Down 4.7%
IREN (NASDAQ:IREN – Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.25) earnings per share 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 13.49%. The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. Analysts expect that IREN will post -0.8 EPS for the current year.
Institutional Trading of IREN
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Situational Awareness LP increased its position in shares of IREN by 20.5% during the fourth quarter. Situational Awareness LP now owns 8,700,621 shares of the company’s stock worth $328,622,000 after acquiring an additional 1,480,200 shares during the last quarter. Marex Group plc increased 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 acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in IREN in the fourth quarter valued at about $158,677,000. Value Aligned Research Advisors LLC increased its holdings in IREN by 18.6% in the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after buying an additional 607,189 shares during the last quarter. Finally, Clear Street Group Inc. bought a new stake in IREN in the fourth quarter valued at about $137,075,000. 41.08% of the stock is owned by hedge funds and other institutional investors.
IREN News Summary
Here are the key news stories impacting IREN this week:
- Positive Sentiment: JPMorgan raised its price target on IREN to $46 from $39, suggesting Wall Street still sees value in the stock even though the firm kept an Underweight rating due to concerns about the structure of the Nvidia-related deal. Article Title
- Positive Sentiment: BTIG Research reportedly boosted its price target on IREN to $80, reinforcing bullish analyst sentiment after the company’s AI infrastructure announcement. Article Title
- Neutral Sentiment: IREN and Nvidia announced a strategic partnership to deploy up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s data-center pipeline, which continues to be the main long-term growth catalyst for the stock. Article Title
- Negative Sentiment: IREN announced a proposed $2 billion private offering of convertible senior notes due 2033, plus an optional $300 million add-on, which pressured the shares as investors weighed dilution and financing risk. Article Title
- Negative Sentiment: After a sharp surge on the Nvidia deal, IREN gave back some gains as traders took profits and reassessed whether the rally had run too far, too fast. Article Title
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.
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