IREN Limited (NASDAQ:IREN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of IREN Limited (NASDAQ:IREN) have been given a consensus rating of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, three have given a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $69.8462.

A number of equities analysts have weighed in on IREN shares. BTIG Research boosted their target price on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Roth Capital set a $94.00 price objective on shares of IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. Zacks Research lowered IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Citigroup started coverage on IREN in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of IREN in a research note on Monday.

IREN Stock Performance

Shares of NASDAQ:IREN opened at $36.59 on Wednesday. The business has a fifty day moving average of $53.89 and a 200-day moving average of $33.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. IREN has a twelve month low of $5.13 and a twelve month high of $76.87. The firm has a market cap of $10.37 billion, a PE ratio of 18.86 and a beta of 4.23.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new position in shares of IREN in the 2nd quarter valued at approximately $6,877,000. Aurelius Capital Management LP bought a new position in IREN in the first quarter valued at approximately $311,000. X Square Capital LLC boosted its holdings in shares of IREN by 129.9% in the second quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after buying an additional 246,333 shares during the period. Balefire LLC bought a new stake in shares of IREN during the second quarter worth $1,214,000. Finally, Hood River Capital Management LLC acquired a new stake in shares of IREN during the second quarter worth $74,228,000. 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.