IREN (NASDAQ:IREN) Trading Down 8.7% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price traded down 8.7% during trading on Tuesday . The company traded as low as $51.15 and last traded at $54.02. 56,991,498 shares were traded during trading, an increase of 34% from the average session volume of 42,512,063 shares. The stock had previously closed at $59.19.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their target price on 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 target price on IREN in a report on Thursday, June 4th. HC Wainwright boosted their price target on IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. The Goldman Sachs Group set a $50.00 price target on IREN in a report on Wednesday, May 27th. Finally, Canaccord Genuity Group boosted their price target on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Trading Down 8.7%

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 firm has a market capitalization of $19.31 billion, a price-to-earnings ratio of 112.54 and a beta of 4.22. The company has a 50 day moving average price of $50.25 and a two-hundred day moving average price of $46.67.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.80 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%. On average, research analysts forecast that IREN Limited will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

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