IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price was up 2.6% on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $39.00 to $46.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. IREN traded as high as $57.22 and last traded at $56.56. Approximately 74,831,515 shares changed hands during trading, an increase of 84% from the average daily volume of 40,697,785 shares. The stock had previously closed at $55.15.
Several other research analysts have also weighed in on IREN. The Goldman Sachs Group reissued a “neutral” rating and set a $44.00 price target on shares of IREN in a research report on Friday. BTIG Research upped their target price on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday. HC Wainwright upped their target price on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings lowered IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 22nd. Finally, Freedom Capital raised IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $71.77.
Get Our Latest Stock Analysis on IREN
Key Stories Impacting IREN
- Positive Sentiment: IREN’s $3.4 billion NVIDIA AI cloud contract strengthens its pivot into AI infrastructure and supports a much larger recurring revenue opportunity. Why IREN (IREN) Is Up 11.5% After Striking A US$3.4 Billion NVIDIA AI Cloud Deal – And What’s Next
- Positive Sentiment: Analysts and bullish commentary are highlighting IREN’s rapid AI cloud growth and potential to reach a much higher ARR base by year-end. Can NVIDIA Partnership Help IREN Reach $3.7B AI Cloud ARR Target?
- Neutral Sentiment: HC Wainwright kept a Buy rating and $85 target, but its updated EPS estimates show the AI buildout will be costly before it becomes profitable.
- Negative Sentiment: IREN’s upsized $2.6 billion convertible note offering raises financing and dilution concerns, even as it provides capital for expansion. IREN Prices Upsized $2.6 Billion Convertible Notes Offering
- Negative Sentiment: JPMorgan’s Underweight rating and lower $46 target suggest some analysts think the stock already reflects a lot of the AI optimism. IREN (NASDAQ:IREN) Price Target Raised to $46.00 at JPMorgan Chase & Co.
Institutional Trading of IREN
Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in shares of IREN during the 3rd quarter worth about $25,000. Miller Wealth Advisors LLC boosted its stake in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN during the 4th quarter worth about $26,000. Clearstead Trust LLC bought a new stake in shares of IREN during the 4th quarter worth about $27,000. Finally, Aventura Private Wealth LLC bought a new stake in shares of IREN during the 4th quarter worth about $28,000. Institutional investors own 41.08% of the company’s stock.
IREN Stock Performance
The company has a market cap of $18.79 billion, a P/E ratio of 117.83 and a beta of 4.17. The firm has a 50 day moving average price of $43.16 and a 200-day moving average price of $46.73. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.
IREN (NASDAQ:IREN – Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.49% and a net margin of 20.90%. On average, research analysts predict that IREN Limited will post -0.8 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.
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