IREN (NASDAQ:IREN) Stock Price Down 6% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) were down 6% during trading on Monday . The stock traded as low as $38.69 and last traded at $38.74. 31,267,045 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 42,608,047 shares. The stock had previously closed at $41.23.

Analysts Set New Price Targets

IREN has been the subject of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research note on Tuesday, July 21st. BTIG Research increased their target price on IREN to $80.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Cantor Fitzgerald lifted their price target on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. The Goldman Sachs Group restated a “neutral” rating on shares of IREN in a report on Monday, July 20th. Finally, Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Stock Performance

The company has a market cap of $15.74 billion, a PE ratio of 91.75 and a beta of 4.29. 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 firm’s 50-day simple moving average is $45.53 and its two-hundred day simple moving average is $46.46.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the business. CENTRAL TRUST Co grew its position in shares of IREN by 19.8% during the 1st quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after acquiring an additional 245 shares during the period. Versant Capital Management Inc lifted its holdings in IREN by 14.5% in the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock valued at $115,000 after purchasing an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. boosted its position in IREN by 19.1% during the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock worth $70,000 after acquiring an additional 328 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the last quarter. Finally, Hollencrest Capital Management boosted its stake in IREN by 50.0% during the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after buying an additional 350 shares during the last quarter. 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.