IREN (NASDAQ:IREN) Shares Gap Down – Here’s Why

IREN Limited (NASDAQ:IREN) shares gapped down prior to trading on Monday . The stock had previously closed at $47.81, but opened at $45.18. IREN shares last traded at $46.98, with a volume of 5,269,579 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IREN. Macquarie increased their price target on IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Arete Research initiated coverage on IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. Canaccord Genuity Group lifted their target price on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Finally, Cantor Fitzgerald raised their price objective on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.43.

IREN Stock Down 15.2%

The stock has a fifty day moving average of $55.17 and a 200-day moving average of $31.26. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of 21.20 and a beta of 4.23. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IREN. Allworth Financial LP acquired a new stake in shares of IREN during the third quarter valued at approximately $651,000. Steadtrust LLC purchased a new position in IREN during the 3rd quarter worth approximately $1,159,000. CIBC Private Wealth Group LLC grew its position in IREN by 113.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock worth $75,000 after purchasing an additional 850 shares in the last quarter. Centaurus Financial Inc. raised its stake in IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after purchasing an additional 332 shares during the period. Finally, GM Advisory Group LLC lifted its holdings in shares of IREN by 246.4% in the third quarter. GM Advisory Group LLC now owns 40,185 shares of the company’s stock valued at $1,886,000 after purchasing an additional 28,585 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other 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.