IREN (NASDAQ:IREN) Upgraded to Hold at Wall Street Zen

IREN (NASDAQ:IREN) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

Other analysts have also issued research reports about the company. Compass Point reiterated a “buy” rating and issued a $105.00 target price on shares of IREN in a research note on Friday, November 7th. Roth Capital set a $94.00 price target on shares of IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. Jones Trading cut shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Citizens Jmp initiated coverage on shares of IREN in a research note on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price on the stock. Finally, Macquarie raised their target price on shares of IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Twelve investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.85.

IREN Stock Performance

NASDAQ IREN opened at $40.13 on Friday. The business’s 50 day moving average price is $54.84 and its 200-day moving average price is $33.10. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The company has a market cap of $11.38 billion, a P/E ratio of 20.69 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. Value Aligned Research Advisors LLC grew its holdings in IREN by 18.6% during 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 purchasing an additional 607,189 shares in the last quarter. Allworth Financial LP purchased a new position in IREN in the 3rd quarter valued at about $651,000. Steadtrust LLC acquired a new stake in shares of IREN during the third quarter valued at about $1,159,000. CIBC Private Wealth Group LLC grew its stake in shares of IREN by 113.3% during the third quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock valued at $75,000 after acquiring an additional 850 shares in the last quarter. Finally, Centaurus Financial Inc. increased its position in shares of IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after acquiring an additional 332 shares during the last quarter. Hedge funds and other 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.