IREN (NASDAQ:IREN) Stock Price Down 5% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) fell 5% on Wednesday . The stock traded as low as $43.60 and last traded at $43.63. 21,476,095 shares changed hands during trading, a decline of 38% from the average session volume of 34,716,320 shares. The stock had previously closed at $45.91.

Wall Street Analyst Weigh In

Several research firms have commented on IREN. B. Riley reiterated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. HC Wainwright upped their price target on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a report on Tuesday, November 4th. Canaccord Genuity Group increased their price target on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Arete Research assumed coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.64.

IREN Price Performance

The stock’s fifty day moving average is $46.77 and its 200-day moving average is $37.26. The stock has a market cap of $13.05 billion, a PE ratio of 23.73 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). The business had revenue of $240.30 million for the quarter, compared to analyst estimates of $244.60 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.IREN’s revenue for the quarter was up 28.3% on a year-over-year basis. As a group, equities analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in IREN during the 3rd quarter worth approximately $25,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN during the fourth quarter worth $28,000. Allianz SE acquired a new stake in shares of IREN in the third quarter valued at $57,000. Sherman Asset Management Inc. acquired a new stake in shares of IREN in the third quarter valued at $59,000. Finally, Advisors Asset Management Inc. boosted its holdings in IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the period. 41.08% of the stock is currently owned by hedge funds and other 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.