IREN (NASDAQ:IREN) Stock Price Down 13.6% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) fell 13.6% during mid-day trading on Wednesday . The stock traded as low as $28.93 and last traded at $29.31. Approximately 68,973,242 shares changed hands during mid-day trading, an increase of 62% from the average session volume of 42,506,191 shares. The stock had previously closed at $33.93.

Wall Street Analyst Weigh In

A number of research firms have commented on IREN. Citigroup restated a “market outperform” rating on shares of IREN in a research note on Tuesday, July 21st. Compass Point reiterated a “buy” rating on shares of IREN in a research report on Tuesday, July 21st. BTIG Research raised their price target on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $79.00 price target on shares of IREN in a research note on Tuesday, July 21st. Finally, B. Riley Financial upped their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, IREN currently has an average rating of “Moderate Buy” and an average price target of $82.71.

IREN Price Performance

The firm has a market capitalization of $10.47 billion, a P/E ratio of 61.06 and a beta of 4.27. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The business’s 50 day moving average is $50.13 and its 200-day moving average is $47.46.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, sell-side analysts predict that IREN Limited will post -1.96 EPS for the current fiscal year.

Institutional Trading of IREN

Institutional investors and hedge funds have recently modified their holdings of the business. Situational Awareness LP lifted its stake in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of IREN in the 1st quarter valued at $20,878,000. Triglav Investments D.O.O. bought a new position in shares of IREN in the 1st quarter valued at $871,000. Oppenheimer & Co. Inc. boosted its holdings in shares of IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after acquiring an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC boosted its holdings in shares of IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,129 shares in the last quarter. 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.