IREN (NASDAQ:IREN) Stock Price Down 2.9% – What’s Next?

IREN Limited (NASDAQ:IREN) was down 2.9% on Wednesday . The company traded as low as $53.54 and last traded at $55.70. Approximately 28,474,662 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 24,732,166 shares. The stock had previously closed at $57.38.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IREN. Weiss Ratings reiterated a “hold (c-)” rating on shares of IREN in a research report on Wednesday, October 8th. Arete Research initiated coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective on the stock. UBS Group reissued a “buy” rating on shares of IREN in a research note on Friday, November 7th. Jones Trading lowered IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, BTIG Research raised their price target on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.58.

IREN Trading Down 2.9%

The business’s 50-day moving average price is $51.14 and its two-hundred day moving average price is $27.01. The company has a market capitalization of $15.15 billion, a P/E ratio of 28.71 and a beta of 4.21. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The business had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $187.51 million. As a group, analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This 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 available through the SEC website. 5.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC bought a new position in IREN during the 3rd quarter worth about $25,000. Allianz SE bought a new stake in shares of IREN in the third quarter valued at about $57,000. Sherman Asset Management Inc. acquired a new position in shares of IREN during the third quarter worth about $59,000. Vermillion Wealth Management Inc. acquired a new position in shares of IREN during the third quarter worth about $74,000. Finally, Avalon Trust Co bought a new position in shares of IREN during the third quarter worth about $115,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.