IREN (NASDAQ:IREN) Reaches New 1-Year High on Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s stock price hit a new 52-week high on Wednesday after BTIG Research raised their price target on the stock from $22.00 to $32.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $30.50 and last traded at $30.19, with a volume of 49869141 shares traded. The stock had previously closed at $26.19.

A number of other research analysts also recently issued reports on the company. Roth Capital reissued a “buy” rating and issued a $35.00 price target on shares of IREN in a report on Friday, August 29th. Macquarie boosted their price target on IREN from $20.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Canaccord Genuity Group boosted their price target on IREN from $23.00 to $37.00 and gave the company a “buy” rating in a report on Friday, August 29th. HC Wainwright boosted their price target on IREN from $21.00 to $36.00 and gave the company a “buy” rating in a report on Friday, August 29th. Finally, Jones Trading downgraded IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.33.

Institutional Investors Weigh In On IREN

A number of institutional investors have recently added to or reduced their stakes in IREN. Drive Wealth Management LLC raised its stake in IREN by 3.0% in the 2nd quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock valued at $596,000 after purchasing an additional 1,179 shares during the last quarter. Wellington Management Group LLP raised its stake in IREN by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after purchasing an additional 1,387 shares during the last quarter. Centaurus Financial Inc. raised its stake in IREN by 5.3% in the 2nd quarter. Centaurus Financial Inc. now owns 31,150 shares of the company’s stock valued at $454,000 after purchasing an additional 1,570 shares during the last quarter. Main Management ETF Advisors LLC raised its stake in IREN by 1.7% in the 2nd quarter. Main Management ETF Advisors LLC now owns 105,528 shares of the company’s stock valued at $1,538,000 after purchasing an additional 1,716 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Trading Up 15.3%

The company has a 50 day moving average of $19.68 and a 200 day moving average of $12.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. The stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of 51.17 and a beta of 4.03.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. On average, research analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

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.