IREN (NASDAQ:IREN) Trading Down 6.8% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price traded down 6.8% during trading on Friday . The stock traded as low as $58.38 and last traded at $62.38. 52,616,322 shares traded hands during mid-day trading, an increase of 114% from the average session volume of 24,614,830 shares. The stock had previously closed at $66.96.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $24.00 target price (up previously from $16.00) on shares of IREN in a research note on Friday, September 26th. Arete Research assumed coverage on IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. Zacks Research cut IREN from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Macquarie increased their target price on IREN to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Jones Trading cut IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $65.25.

IREN Stock Down 6.8%

The firm has a market capitalization of $16.97 billion, a price-to-earnings ratio of 105.73 and a beta of 4.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The stock has a fifty day moving average of $49.18 and a two-hundred day moving average of $25.60.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. Sell-side analysts anticipate that IREN Limited will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

A number of institutional investors have recently modified their holdings of the company. Situational Awareness LP raised its stake in 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 buying an additional 3,034,254 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in IREN during the 2nd quarter worth about $74,228,000. Invesco Ltd. grew its holdings in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the period. Vident Advisory LLC raised its position in shares of IREN by 0.6% in the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company’s stock worth $18,006,000 after acquiring an additional 18,794 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new position in shares of IREN in the 2nd quarter valued at about $21,025,000. 41.08% of the stock is 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.