Shares of IREN Limited (NASDAQ:IREN – Get Free Report) traded up 3.2% on Thursday . The company traded as high as $61.53 and last traded at $59.96. Approximately 38,347,522 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 42,319,609 shares. The stock had previously closed at $58.11.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. The Goldman Sachs Group set a $50.00 price target on shares of IREN in a report on Wednesday, May 27th. Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Jefferies Financial Group initiated coverage on shares of IREN in a report on Thursday. They issued a “buy” rating and a $79.00 price objective for the company. Finally, BTIG Research raised their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $82.36.
Get Our Latest Stock Report on IREN
IREN Price Performance
IREN (NASDAQ:IREN – Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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%. On average, analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.
Hedge Funds Weigh In On IREN
Institutional investors and hedge funds have recently made changes to their positions in the business. Miller Wealth Advisors LLC lifted its holdings in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in shares of IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new position in IREN during the 4th quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new position in IREN during the 4th quarter valued at approximately $28,000. Finally, Motco purchased a new position in IREN during the fourth quarter valued at $30,000. 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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