IREN (NASDAQ:IREN) Posts Earnings Results, Misses Estimates By $0.48 EPS

IREN (NASDAQ:IREN) announced its quarterly earnings data on Thursday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48), Zacks reports. IREN had a net margin of 86.96% and a negative return on equity of 4.42%. The business had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. IREN’s revenue for the quarter was up 28.3% on a year-over-year basis.

IREN Stock Down 6.8%

NASDAQ IREN traded down $4.58 during mid-day trading on Friday, hitting $62.38. The company’s stock had a trading volume of 53,008,878 shares, compared to its average volume of 42,854,636. The firm has a market capitalization of $16.97 billion, a price-to-earnings ratio of 32.15 and a beta of 4.21. The company’s 50 day simple moving average is $49.90 and its 200 day simple moving average is $25.99. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN has a twelve month low of $5.13 and a twelve month high of $76.87.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Tower Research Capital LLC TRC lifted its position in IREN by 54.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company’s stock valued at $152,000 after acquiring an additional 3,684 shares in the last quarter. StoneX Group Inc. bought a new stake in IREN during the 2nd quarter worth approximately $158,000. Tidal Investments LLC bought a new stake in IREN during the 2nd quarter worth approximately $175,000. Shay Capital LLC purchased a new stake in shares of IREN in the second quarter worth approximately $233,000. Finally, Peapack Gladstone Financial Corp lifted its holdings in shares of IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on IREN. Arete Research started coverage on IREN in a research note on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target on the stock. HC Wainwright lifted their price objective on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research note on Tuesday. Wall Street Zen raised shares of IREN from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Macquarie raised their price target on shares of IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 price objective (up previously from $16.00) on shares of IREN in a report on Friday, September 26th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.25.

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.