IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price rose 10.1% during mid-day trading on Thursday . The stock traded as high as $58.10 and last traded at $58.06. Approximately 49,422,911 shares traded hands during trading, an increase of 20% from the average daily volume of 41,142,504 shares. The stock had previously closed at $52.71.
Wall Street Analysts Forecast Growth
IREN has been the subject of several research analyst reports. BTIG Research increased their target price on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research report on Friday, February 6th. HC Wainwright increased their target price on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 22nd. Thirteen analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.77.
Check Out Our Latest Research Report on IREN
IREN Stock Performance
IREN (NASDAQ:IREN – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) 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 for the quarter, compared to the consensus estimate of $219.69 million. On average, sell-side analysts predict that IREN Limited will post -1.09 earnings per share for the current year.
Hedge Funds Weigh In On IREN
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC boosted its stake in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new stake in shares of IREN in the 4th quarter valued at approximately $28,000. Finally, Motco bought a new stake in shares of IREN in the 4th quarter valued at approximately $30,000. 41.08% of the stock is owned by institutional investors.
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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