IREN (NASDAQ:IREN) Shares Down 17.4% – What’s Next?

IREN Limited (NASDAQ:IREN) fell 17.4% on Wednesday . The company traded as low as $43.91 and last traded at $44.94. 65,456,561 shares traded hands during trading, an increase of 48% from the average session volume of 44,321,570 shares. The stock had previously closed at $54.39.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on IREN shares. JPMorgan Chase & Co. raised their price objective on IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research report on Monday, November 24th. JMP Securities set a $80.00 price objective on shares of IREN in a report on Wednesday, November 19th. Weiss Ratings reissued a “hold (c-)” rating on shares of IREN in a research report on Monday, December 29th. Compass Point reaffirmed a “buy” rating and set a $105.00 target price on shares of IREN in a report on Friday, November 7th. Finally, Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Stock Down 17.4%

The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 23.16 and a beta of 4.27. The stock has a 50-day moving average of $46.85 and a 200-day moving average of $42.25.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $240.30 million for the quarter, compared to the consensus estimate of $244.60 million. The firm’s revenue for the quarter was up 28.3% compared to the same quarter last year. Sell-side analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IREN. Mirae Asset Global Investments Co. Ltd. acquired a new stake in IREN in the third quarter valued at approximately $1,854,000. Y Intercept Hong Kong Ltd bought a new stake in shares of IREN in the 2nd quarter valued at about $6,877,000. Wealth Enhancement Advisory Services LLC boosted its holdings in IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after acquiring an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of IREN in the 3rd quarter valued at $2,995,000. Finally, X Square Capital LLC grew its holdings in IREN by 129.9% during the 2nd quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock worth $6,352,000 after acquiring an additional 246,333 shares during the period. Institutional investors own 41.08% of the company’s stock.

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.