IREN (NASDAQ:IREN) Stock Price Down 2.1% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price dropped 2.1% during mid-day trading on Friday . The stock traded as low as $55.56 and last traded at $56.83. Approximately 35,352,440 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 41,138,809 shares. The stock had previously closed at $58.06.

Analyst Ratings Changes

A number of equities research analysts have issued reports on IREN shares. HC Wainwright increased their price objective on shares of IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Cantor Fitzgerald cut their price objective on shares of IREN to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. JPMorgan Chase & Co. increased their price objective on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Thirteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.77.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The business’s fifty day simple moving average is $45.42 and its 200-day simple moving average is $46.41. The firm has a market capitalization of $20.31 billion, a PE ratio of 118.40 and a beta of 4.17.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. As a group, equities research analysts expect that IREN Limited will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Miller Wealth Advisors LLC grew its holdings in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new position in shares of IREN in the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new position in shares of IREN in the fourth quarter valued at $27,000. Aventura Private Wealth LLC purchased a new position in shares of IREN in the fourth quarter valued at $28,000. Finally, Motco purchased a new position in shares of IREN in the fourth quarter valued at $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.