IREN Limited (NASDAQ:IREN – Get Free Report) shares traded up 8.7% during trading on Friday . The stock traded as high as $41.30 and last traded at $41.23. Approximately 30,848,709 shares traded hands during trading, a decline of 28% from the average daily volume of 42,647,504 shares. The stock had previously closed at $37.93.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on IREN. Canaccord Genuity Group restated a “buy” rating and set a $79.00 target price on shares of IREN in a research report on Tuesday, July 21st. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research note on Thursday, June 4th. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Jefferies Financial Group initiated coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective on the stock. Finally, HC Wainwright increased their target price on shares of IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.71.
View Our Latest Analysis on IREN
IREN Price Performance
IREN (NASDAQ:IREN – Get Free Report) last announced its quarterly earnings data 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). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. Sell-side analysts expect that IREN Limited will post -1.96 EPS for the current fiscal year.
Institutional Trading of IREN
A number of institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its holdings in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after acquiring an additional 936,333 shares during the period. StoneX Group Inc. purchased a new stake in shares of IREN during the 2nd quarter worth $158,000. NewEdge Advisors LLC grew its stake in shares of IREN by 245.0% during the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after purchasing an additional 30,736 shares during the period. Sei Investments Co. acquired a new position in shares of IREN during the 2nd quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp increased its holdings in shares of IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 shares in the last quarter. 41.08% of the stock is currently 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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