IREN (NASDAQ:IREN) Trading Down 2.3% – What’s Next?

IREN Limited (NASDAQ:IREN) shares traded down 2.3% during mid-day trading on Thursday . The company traded as low as $45.07 and last traded at $47.70. 36,283,024 shares traded hands during trading, a decline of 5% from the average session volume of 38,064,512 shares. The stock had previously closed at $48.82.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Freedom Capital raised shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group reissued a “buy” rating and set a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. Cantor Fitzgerald decreased their target price on shares of IREN to $61.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Finally, Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Thirteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and a consensus target price of $70.08.

IREN Price Performance

The company has a market capitalization of $15.99 billion, a price-to-earnings ratio of 36.18 and a beta of 4.30. The stock has a fifty day simple moving average of $40.83 and a 200-day simple moving average of $47.59. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm’s revenue for the quarter was down 23.1% on a year-over-year basis. On average, equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Situational Awareness LP increased its holdings in IREN by 20.5% in the fourth quarter. Situational Awareness LP now owns 8,700,621 shares of the company’s stock valued at $328,622,000 after buying an additional 1,480,200 shares in the last quarter. Marex Group plc boosted its stake in shares of IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of IREN during the 4th quarter worth about $158,677,000. Value Aligned Research Advisors LLC grew its position in shares of IREN by 18.6% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after acquiring an additional 607,189 shares during the period. Finally, Clear Street Group Inc. acquired a new stake in shares of IREN during the 4th quarter valued at about $137,075,000. 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.