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

Shares of IREN Limited (NASDAQ:IREN) have been assigned a consensus rating of “Moderate Buy” from the nineteen analysts that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $67.6429.

IREN has been the subject of a number of research reports. Sanford C. Bernstein restated an “outperform” rating and set a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. BTIG Research lifted their price objective on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. B. Riley reaffirmed a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. JPMorgan Chase & Co. raised their price target on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. Finally, Roth Capital set a $94.00 price target on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC grew its holdings in shares of IREN by 55.8% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 8,183 shares of the company’s stock worth $309,000 after buying an additional 2,932 shares in the last quarter. Procyon Advisors LLC acquired a new stake in IREN during the fourth quarter worth approximately $255,000. Aventura Private Wealth LLC purchased a new stake in IREN in the 4th quarter worth approximately $28,000. Hudson Bay Capital Management LP purchased a new stake in IREN in the 3rd quarter worth approximately $1,089,000. Finally, Value Aligned Research Advisors LLC raised its holdings in IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after acquiring an additional 607,189 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Stock Up 0.8%

IREN opened at $46.03 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company has a market cap of $13.05 billion, a price-to-earnings ratio of 23.73 and a beta of 4.25. IREN has a one year low of $5.13 and a one year high of $76.87. The business’s fifty day moving average is $46.77 and its two-hundred day moving average is $37.44.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $240.30 million for the quarter, compared to analyst estimates of $244.60 million. The firm’s revenue was up 28.3% on a year-over-year basis. Analysts anticipate that IREN will post 0.43 EPS for the current fiscal year.

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.