IREN (NASDAQ:IREN) Trading Down 3.1% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) traded down 3.1% during trading on Wednesday . The stock traded as low as $43.63 and last traded at $44.03. 31,403,873 shares changed hands during trading, a decline of 26% from the average session volume of 42,468,707 shares. The stock had previously closed at $45.45.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on IREN shares. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. Roth Mkm set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Citigroup initiated coverage on IREN in a research note on Wednesday, November 19th. They set an “outperform” rating on the stock. Finally, Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Stock Down 3.1%

The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The company has a market cap of $14.63 billion, a PE ratio of 33.11 and a beta of 4.27. The company’s fifty day moving average is $46.34 and its 200-day moving average is $44.91.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. On average, analysts predict that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

Several institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new stake in IREN during the third quarter valued at approximately $25,000. Miller Wealth Advisors LLC boosted its stake in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN in the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new stake in shares of IREN in the 4th quarter worth $28,000. 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.