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

IREN Limited (NASDAQ:IREN)’s share price dropped 8.7% during mid-day trading on Friday . The stock traded as low as $39.32 and last traded at $40.13. Approximately 35,224,665 shares traded hands during trading, an increase of 35% from the average daily volume of 26,058,117 shares. The stock had previously closed at $43.94.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IREN shares. Jones Trading lowered IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Citizens Jmp started coverage on IREN in a report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 target price for the company. Roth Capital set a $94.00 target price on IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Zacks Research lowered IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Finally, HC Wainwright raised their price target on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research report on Tuesday, November 4th. Twelve research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.85.

IREN Trading Down 8.7%

The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market cap of $11.38 billion, a P/E ratio of 20.69 and a beta of 4.23. The company has a 50-day moving average price of $55.05 and a two-hundred day moving average price of $32.72.

Hedge Funds Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC purchased a new position in IREN during the 3rd quarter worth approximately $25,000. Quarry LP acquired a new stake in shares of IREN in the 1st quarter worth $40,000. Allianz SE acquired a new position in IREN in the third quarter valued at approximately $57,000. Sherman Asset Management Inc. acquired a new stake in shares of IREN during the third quarter valued at about $59,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after buying an additional 1,839 shares during the period. 41.08% of the stock is currently owned by institutional investors.

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.