IREN (NASDAQ:IREN) Trading Down 2.1% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price traded down 2.1% on Monday . The company traded as low as $34.88 and last traded at $36.29. 34,415,596 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 42,255,652 shares. The stock had previously closed at $37.07.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IREN. JPMorgan Chase & Co. upped their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Cantor Fitzgerald boosted their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Weiss Ratings lowered IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 7th. B. Riley Financial raised their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of IREN in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.71.

IREN Trading Down 11.0%

The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of 63.10 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 firm’s 50 day moving average is $50.13 and its 200 day moving average is $47.46.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.79 million for the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Equities analysts forecast that IREN Limited will post -1.96 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC lifted its holdings in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. GAMMA Investing LLC boosted its position in IREN by 177.5% during the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after acquiring an additional 442 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN in the fourth quarter worth $26,000. Clearstead Trust LLC acquired a new position in shares of IREN during the 4th quarter worth about $27,000. Finally, Motco bought a new position in IREN in the fourth quarter valued at approximately $30,000. 41.08% of the stock is 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.