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

Shares of IREN Limited (NASDAQ:IREN) dropped 5.1% during mid-day trading on Thursday . The stock traded as low as $47.15 and last traded at $47.74. Approximately 35,827,336 shares were traded during trading, a decline of 15% from the average daily volume of 42,102,285 shares. The stock had previously closed at $50.30.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Canaccord Genuity Group increased their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a report on Thursday, June 4th. BTIG Research increased their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. B. Riley Financial raised their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research report on Wednesday, May 27th. Fourteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Trading Down 5.1%

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market cap of $17.06 billion, a price-to-earnings ratio of 99.46 and a beta of 4.22. The firm has a 50-day moving average price of $55.25 and a 200 day moving average price of $47.58.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. As a group, sell-side analysts forecast that IREN Limited will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Western Wealth Management LLC boosted its holdings in shares of IREN by 62.4% in the 1st quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock valued at $307,000 after buying an additional 3,443 shares during the period. Rathbones Group PLC raised its stake in IREN by 31.7% during the first quarter. Rathbones Group PLC now owns 26,321 shares of the company’s stock worth $902,000 after acquiring an additional 6,333 shares during the period. Pine Valley Investments Ltd Liability Co raised its stake in IREN by 14.3% during the first quarter. Pine Valley Investments Ltd Liability Co now owns 30,560 shares of the company’s stock worth $1,048,000 after acquiring an additional 3,813 shares during the period. NewEdge Advisors LLC lifted its holdings in IREN by 5.7% in the first quarter. NewEdge Advisors LLC now owns 29,461 shares of the company’s stock worth $1,010,000 after acquiring an additional 1,588 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in IREN by 58.4% in the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after acquiring an additional 788,547 shares during the period. 41.08% of the stock is currently owned by 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.