IREN (NASDAQ:IREN) Trading Down 5.2% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price traded down 5.2% during trading on Monday . The company traded as low as $56.30 and last traded at $56.87. Approximately 34,700,009 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 42,263,570 shares. The stock had previously closed at $59.96.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of recent analyst reports. Canaccord Genuity Group boosted their price target on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Cantor Fitzgerald increased their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. increased their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. HC Wainwright lifted their target price on shares of IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, B. Riley Financial boosted their target price on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Stock Down 5.2%

The firm’s 50 day moving average price is $54.40 and its two-hundred day moving average price is $47.37. The company has a market cap of $20.32 billion, a P/E ratio of 118.48 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last released 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 negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. Equities research analysts anticipate that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Trading of IREN

Several hedge funds have recently bought and sold shares of the business. Miller Wealth Advisors LLC raised its holdings in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new position in shares of IREN in the fourth quarter valued at $26,000. Clearstead Trust LLC acquired a new position in shares of IREN during the fourth quarter valued at about $27,000. Aventura Private Wealth LLC acquired a new position in shares of IREN during the fourth quarter valued at about $28,000. Finally, Motco bought a new stake in shares of IREN during the fourth quarter worth about $30,000. Institutional investors and hedge funds 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.