IREN Limited (NASDAQ:IREN – Get Free Report) rose 8.8% during trading on Monday . The stock traded as high as $59.67 and last traded at $59.1580. Approximately 29,560,874 shares traded hands during trading, a decline of 30% from the average daily volume of 42,265,914 shares. The stock had previously closed at $54.35.
Analyst Upgrades and Downgrades
IREN has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Sanford C. Bernstein set a $96.00 target price on IREN in a research note on Thursday. B. Riley Financial boosted their target price on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, HC Wainwright boosted their target price on IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.62.
IREN Price Performance
IREN (NASDAQ:IREN – Get Free Report) last released 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 $144.80 million during the quarter, compared to analyst estimates of $219.69 million. As a group, equities research analysts predict that IREN Limited will post -1.17 EPS for the current fiscal year.
Institutional Trading of IREN
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. boosted its holdings in shares of IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after buying an additional 19,423 shares in the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after buying an additional 34,129 shares in the last quarter. Avaii Wealth Management LLC boosted its holdings in shares of IREN by 208.9% during the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock worth $5,506,000 after buying an additional 98,581 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of IREN by 12.7% during the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock worth $36,684,000 after buying an additional 88,081 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of IREN during the 4th quarter worth approximately $939,000. Institutional investors and hedge funds 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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