Shares of IREN Limited (NASDAQ:IREN – Get Free Report) traded down 5.3% during mid-day trading on Monday . The company traded as low as $38.08 and last traded at $38.98. Approximately 35,747,238 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 41,990,605 shares. The stock had previously closed at $41.14.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on IREN. BTIG Research upped their price objective on IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their price target on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Cantor Fitzgerald increased their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. HC Wainwright raised their price objective on shares of IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.36.
View Our Latest 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). The firm had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Sell-side analysts expect that IREN Limited will post -1.25 earnings per share for the current fiscal year.
Institutional Trading of IREN
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC lifted 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 during the last quarter. GAMMA Investing LLC grew its position in IREN by 177.5% in the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock valued at $32,000 after acquiring an additional 442 shares during the last quarter. North Star Investment Management Corp. bought a new position in IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in IREN in the fourth quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new stake in IREN in the fourth quarter worth $28,000. 41.08% of the stock is owned by hedge funds and other institutional investors.
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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