IREN (NASDAQ:IREN) Trading Down 1.8% – Here’s What Happened

IREN Limited (NASDAQ:IREN) dropped 1.8% during mid-day trading on Wednesday . The stock traded as low as $57.71 and last traded at $58.11. Approximately 35,678,570 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 42,350,238 shares. The stock had previously closed at $59.18.

Wall Street Analyst Weigh In

IREN has been the topic of several analyst reports. Freedom Capital raised shares of IREN to a “hold” rating in a report on Wednesday, April 1st. JPMorgan Chase & Co. lifted their price target on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a report on Thursday, June 4th. BTIG Research lifted their price target on shares of IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Cantor Fitzgerald lifted their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.62.

IREN Stock Down 1.8%

The company has a market capitalization of $20.77 billion, a price-to-earnings ratio of 121.06 and a beta of 4.22. The business’s 50-day moving average is $53.00 and its 200-day moving average is $47.13. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last posted its earnings results 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 business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. As a group, equities analysts predict that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Marex Group plc increased its holdings in IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after buying an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in IREN in the fourth quarter valued at $158,677,000. Clear Street Group Inc. purchased a new position in IREN in the fourth quarter valued at $137,075,000. Situational Awareness LP increased its stake in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd raised its position in shares of IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after purchasing an additional 2,614,835 shares during the last quarter. Hedge funds and other 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.