IREN (NASDAQ:IREN) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of IREN (NASDAQ:IREN) from a sell rating to a hold rating in a research note issued to investors on Sunday.

Several other analysts have also commented on IREN. Sanford C. Bernstein reiterated an “outperform” rating and issued a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Cantor Fitzgerald upped their target price on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Canaccord Genuity Group raised their price target on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of IREN in a research report on Monday, December 8th. Finally, UBS Group reiterated a “buy” rating on shares of IREN in a research report on Friday, November 7th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.85.

IREN Price Performance

IREN stock opened at $40.13 on Friday. The firm has a market capitalization of $11.38 billion, a PE ratio of 20.69 and a beta of 4.23. IREN has a 52 week low of $5.13 and a 52 week high of $76.87. The firm’s 50-day simple moving average is $54.84 and its 200 day simple moving average is $33.27. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

Institutional Investors Weigh In On IREN

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in shares of IREN during the 3rd quarter worth about $25,000. Quarry LP purchased a new position in shares of IREN in the 1st quarter valued at $40,000. Allianz SE acquired a new position in shares of IREN during the 3rd quarter valued at $57,000. Sherman Asset Management Inc. purchased a new stake in IREN during the 3rd quarter worth $59,000. Finally, Advisors Asset Management Inc. grew its stake in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after buying an additional 1,839 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.