Canaccord Genuity Group Reaffirms “Buy” Rating for IREN (NASDAQ:IREN)

IREN (NASDAQ:IREN)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a report released on Tuesday,Benzinga reports. They currently have a $79.00 target price on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 91.38% from the stock’s previous close.

Several other research firms have also weighed in on IREN. HC Wainwright increased their target price on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Jefferies Financial Group started coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of IREN in a research note on Tuesday. Finally, B. Riley Financial boosted their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.71.

IREN Price Performance

Shares of IREN stock opened at $41.28 on Tuesday. The firm’s 50 day moving average price is $51.36 and its two-hundred day moving average price is $47.69. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. IREN has a 52-week low of $14.72 and a 52-week high of $76.87. The stock has a market cap of $14.75 billion, a PE ratio of 86.00 and a beta of 4.27.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, analysts forecast that IREN will post -1.25 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC boosted its position in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares during the period. GAMMA Investing LLC lifted its stake in IREN by 177.5% in the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock valued at $32,000 after acquiring an additional 442 shares in the last quarter. North Star Investment Management Corp. acquired a new position in IREN during the 4th quarter worth approximately $26,000. Clearstead Trust LLC acquired a new position in IREN during the 4th quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC bought a new position in shares of IREN during the 4th quarter worth approximately $28,000. Institutional investors own 41.08% of the company’s stock.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN said it secured about $2.8 billion in new multi-year AI cloud contracts and lifted its year-end AI cloud annualized run-rate revenue target to more than $4 billion, a major boost that signals stronger demand and much faster growth than the market had previously expected. Article Title
• Positive Sentiment: Analysts and market commentators say the contracts materially change IREN’s investment case, shifting it further away from a pure Bitcoin-mining story and toward a vertically integrated AI infrastructure and cloud provider with much larger revenue potential. Article Title
• Positive Sentiment: H.C. Wainwright reportedly reiterated a buy rating and raised its price target, reinforcing bullish sentiment around the company’s AI pivot and the sustainability of its backlog-driven growth. Article Title
• Neutral Sentiment: Some coverage notes that IREN’s buildout and funding needs remain important execution considerations, so investors may continue to watch whether the company can deliver capacity fast enough to meet the newly announced demand. Article Title
• Negative Sentiment: Despite the rally, one note says further upside may be limited if earnings estimate revisions do not improve, suggesting the stock could pause after its sharp move higher. Article Title

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.