IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price traded up 13.5% during trading on Wednesday . The stock traded as high as $68.13 and last traded at $67.84. 83,799,727 shares traded hands during trading, an increase of 102% from the average session volume of 41,582,199 shares. The stock had previously closed at $59.78.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Freedom Capital raised shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. Cantor Fitzgerald raised their price target on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings cut shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, April 22nd. Finally, HC Wainwright raised their target price on shares of IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. 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 stock. According to MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus price target of $79.69.
Read Our Latest Stock Analysis on IREN
IREN Trading Down 0.8%
IREN (NASDAQ:IREN – Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. As a group, sell-side analysts predict that IREN Limited will post -1.09 EPS for the current fiscal year.
Hedge Funds Weigh In On IREN
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC raised its holdings in IREN by 62.4% in the first quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock worth $307,000 after purchasing an additional 3,443 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after buying an additional 788,547 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of IREN by 439.4% in the 1st quarter. Janus Henderson Group PLC now owns 34,495 shares of the company’s stock worth $1,182,000 after buying an additional 28,100 shares during the last quarter. Amundi grew its position in shares of IREN by 3,865.8% in the 1st quarter. Amundi now owns 845,113 shares of the company’s stock worth $28,970,000 after buying an additional 823,803 shares during the last quarter. Finally, Situational Awareness LP raised its stake in shares of IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares in the last quarter. 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.
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