IREN Limited (NASDAQ:IREN – Get Free Report)’s share price traded down 2.5% during mid-day trading on Thursday . The company traded as low as $37.08 and last traded at $37.93. 30,766,491 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 42,726,777 shares. The stock had previously closed at $38.89.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on IREN. Jefferies Financial Group began coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price for the company. Sanford C. Bernstein set a $96.00 price objective on IREN in a research report on Thursday, June 4th. Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Needham & Company LLC reiterated a “hold” rating on shares of IREN in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. boosted their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned 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 a consensus price target of $82.71.
View Our Latest Analysis on IREN
IREN Stock Down 2.5%
IREN (NASDAQ:IREN – Get Free Report) last released its earnings results 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). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, equities research analysts forecast that IREN Limited will post -1.96 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the company. North Star Investment Management Corp. purchased a new position in shares of IREN in the fourth quarter worth about $26,000. Clearstead Trust LLC purchased a new stake in IREN in the fourth quarter valued at approximately $27,000. Motco purchased a new stake in IREN in the fourth quarter valued at approximately $30,000. GAMMA Investing LLC increased its holdings in IREN by 177.5% in the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after buying an additional 442 shares during the period. Finally, Purpose Unlimited Inc. acquired a new position in IREN in the 4th quarter worth approximately $34,000. 41.08% of the stock is owned by institutional investors and hedge funds.
IREN Company Profile
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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