IREN (NASDAQ:IREN) Stock Price Down 3.8% – Here’s What Happened

Shares of IREN Limited (NASDAQ:IREN) fell 3.8% on Tuesday . The company traded as low as $52.75 and last traded at $54.72. Approximately 32,033,076 shares changed hands during trading, a decline of 24% from the average session volume of 42,145,555 shares. The stock had previously closed at $56.87.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. BTIG Research lifted their price objective on IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Canaccord Genuity Group increased their target price on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Finally, B. Riley Financial upped their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.36.

IREN Trading Down 5.3%

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The business’s fifty day moving average is $55.25 and its two-hundred day moving average is $47.58. The firm has a market cap of $17.03 billion, a price-to-earnings ratio of 99.98 and a beta of 4.22.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Equities analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares during the last quarter. StoneX Group Inc. bought a new stake in shares of IREN during the second quarter worth approximately $158,000. NewEdge Advisors LLC raised its stake in shares of IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after buying an additional 30,736 shares during the last quarter. Sei Investments Co. acquired a new position in IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp lifted its holdings in 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 buying an additional 4,200 shares during the period. 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.