IREN (NASDAQ:IREN) Trading Down 5.1% – Here’s What Happened

IREN Limited (NASDAQ:IREN) traded down 5.1% on Thursday . The company traded as low as $43.20 and last traded at $43.47. 59,934,982 shares traded hands during trading, an increase of 137% from the average session volume of 25,289,986 shares. The stock had previously closed at $45.83.

Analyst Ratings Changes

A number of brokerages recently issued reports on IREN. Compass Point reissued a “buy” rating and set a $105.00 price objective on shares of IREN in a research report on Friday, November 7th. Arete started coverage on shares of IREN in a research note on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 price target (up from $16.00) on shares of IREN in a research report on Friday, September 26th. Arete Research initiated coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective on the stock. Finally, JMP Securities set a $80.00 target price on shares of IREN in a report on Wednesday. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.36.

IREN Stock Performance

The stock has a market capitalization of $12.32 billion, a PE ratio of 22.41 and a beta of 4.21. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average of $53.59 and a 200-day moving average of $28.65.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The company had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. Equities analysts anticipate that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IREN

A number of large investors have recently modified their holdings of the company. Hood River Capital Management LLC purchased a new stake in shares of IREN during the 2nd quarter worth $74,228,000. Situational Awareness LP purchased a new position in IREN in the first quarter valued at $20,500,000. Voloridge Investment Management LLC raised its stake in IREN by 1,444.5% in the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after buying an additional 1,545,579 shares in the last quarter. Marshall Wace LLP lifted its holdings in IREN by 247.7% during the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after buying an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new position in shares of IREN during the 2nd quarter worth about $21,025,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.