IREN (NASDAQ:IREN) Trading Down 4.6% – Here’s What Happened

IREN Limited (NASDAQ:IREN) dropped 4.6% on Wednesday . The company traded as low as $51.22 and last traded at $51.52. Approximately 39,792,157 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 42,493,719 shares. The stock had previously closed at $54.02.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of recent analyst reports. Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. HC Wainwright boosted their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Canaccord Genuity Group boosted their target price on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Freedom Capital upgraded shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. Thirteen investment 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. Based on data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Stock Performance

The business’s 50-day moving average price is $50.63 and its 200-day moving average price is $46.73. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The stock has a market cap of $18.40 billion, a P/E ratio of 107.25 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its quarterly earnings data 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 the consensus estimate of $219.69 million. As a group, sell-side analysts expect that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

Hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. grew its position in shares of IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after acquiring an additional 19,423 shares during the period. Sanctuary Advisors LLC grew its position in shares of IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,129 shares during the period. Avaii Wealth Management LLC grew its position in shares of IREN by 208.9% during the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after acquiring an additional 98,581 shares during the period. Private Advisor Group LLC grew its position in shares of IREN by 12.7% during the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock valued at $36,684,000 after acquiring an additional 88,081 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of IREN during the 4th quarter valued at $939,000. 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.