IREN (NASDAQ:IREN) Trading Down 6.2% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price traded down 6.2% during trading on Wednesday . The stock traded as low as $39.36 and last traded at $39.58. 34,907,966 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 42,818,461 shares. The stock had previously closed at $42.21.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN’s AI cloud expansion and recent milestones remain the primary bullish catalyst. Investors are watching for evidence that new data-center capacity, customer demand and funding can support a higher-growth business beyond Bitcoin mining. Why Is IREN Drawing Attention After Its AI Cloud Milestones?
• Positive Sentiment: Institutional interest provides some support: the supplied holdings data shows large purchases by California State Teachers’ Retirement System, Bank of America, BlackRock, Goldman Sachs and Norges Bank during the second quarter. Analysts cited in the materials also maintain Buy ratings, with a reported median price target substantially above the current trading level.
• Positive Sentiment: Bitcoin’s recent move near $80,000 previously lifted crypto-mining stocks, including IREN, although that support has been overshadowed by the approaching earnings event. Crypto Mining Stocks Rally as Bitcoin Hovers Around $80K

Analyst Upgrades and Downgrades

IREN has been the topic of several research analyst reports. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of IREN in a report on Monday, July 20th. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research note on Tuesday, July 21st. Citigroup restated a “market outperform” rating on shares of IREN in a research report on Tuesday, July 21st. Cantor Fitzgerald upped their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 price target on shares of IREN in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

IREN Trading Down 6.2%

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 has a market capitalization of $14.15 billion, a P/E ratio of 82.46 and a beta of 4.29. The firm’s 50-day simple moving average is $42.44 and its 200-day simple moving average is $45.61.

Institutional Trading of IREN

Hedge funds have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in IREN in the second quarter worth $2,989,000. California State Teachers Retirement System raised its holdings in shares of IREN by 6,197.8% during the 2nd quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock valued at $1,050,102,000 after buying an additional 22,598,469 shares in the last quarter. Ameritas Advisory Services LLC raised its holdings in shares of IREN by 185.9% during the 2nd quarter. Ameritas Advisory Services LLC now owns 35,304 shares of the company’s stock valued at $1,614,000 after buying an additional 22,954 shares in the last quarter. HB Wealth Management LLC bought a new stake in IREN in the 2nd quarter worth approximately $327,000. Finally, Chico Wealth RIA lifted its position in IREN by 5.7% in the 2nd quarter. Chico Wealth RIA now owns 31,714 shares of the company’s stock worth $1,450,000 after buying an additional 1,714 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.