IREN (NASDAQ:IREN) Stock Price Down 1.3% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price was down 1.3% during trading on Thursday . The stock traded as low as $39.83 and last traded at $41.66. Approximately 23,791,049 shares traded hands during trading, a decline of 40% from the average daily volume of 39,785,262 shares. The stock had previously closed at $42.21.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IREN. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. JPMorgan Chase & Co. raised their price target on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Finally, HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 target price for the company in a research note on Tuesday, January 13th. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average target price of $71.69.

IREN Price Performance

The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The business’s 50-day moving average price is $46.55 and its two-hundred day moving average price is $47.06. The firm has a market cap of $13.84 billion, a price-to-earnings ratio of 31.32 and a beta of 4.31.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) 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 company had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The firm’s revenue was down 23.1% compared to the same quarter last year. On average, research analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Trading of IREN

Several institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in shares of IREN in the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC boosted its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. acquired a new position in IREN in the fourth quarter worth $26,000. Clearstead Trust LLC bought a new stake in IREN during the fourth quarter valued at $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN during the fourth quarter valued at $28,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.