IREN (NASDAQ:IREN) Shares Gap Up – What’s Next?

IREN Limited (NASDAQ:IREN – Get Free Report)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $39.75, but opened at $43.59. IREN shares last traded at $43.3720, with a volume of 11,412,535 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have issued reports on IREN. Compass Point reissued a “buy” rating on shares of IREN in a research note on Tuesday, July 21st. Jefferies Financial Group started coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price target on the stock. The Goldman Sachs Group reissued a “neutral” rating on shares of IREN in a research report on Monday, July 20th. Needham & Company LLC reiterated a “hold” rating on shares of IREN in a report on Tuesday, July 21st. Finally, BTIG Research increased their price target on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and an average target price of $82.71.

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Check Out Our Latest Analysis on IREN

IREN Stock Up 6.4%

The stock has a market cap of $15.11 billion, a PE ratio of 88.08 and a beta of 4.29. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a fifty day moving average of $45.53 and a 200 day moving average of $46.46.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IREN. GAMMA Investing LLC increased its holdings in shares of 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 period. North Star Investment Management Corp. purchased a new position in shares of IREN in the 4th quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the fourth quarter worth approximately $27,000. Motco acquired a new position in IREN in the 4th quarter valued at $30,000. Finally, Purpose Unlimited Inc. acquired a new stake in shares of IREN in the 4th quarter worth $34,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

(Get Free Report)

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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