IREN (NASDAQ:IREN) Shares Down 9.9% – Here’s Why

IREN Limited (NASDAQ:IREN) dropped 9.9% on Monday . The company traded as low as $30.76 and last traded at $31.62. Approximately 41,322,101 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 39,112,273 shares. The stock had previously closed at $35.09.

Analysts Set New Price Targets

Several research firms have recently commented on IREN. Canaccord Genuity Group reissued a “buy” rating and set a $70.00 price target on shares of IREN in a research note on Tuesday, February 10th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research report on Friday, February 6th. Cantor Fitzgerald lowered their target price on IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, The Goldman Sachs Group initiated coverage on IREN in a research report on Thursday, December 18th. They set a “neutral” rating and a $39.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $71.69.

IREN Stock Performance

The firm’s 50-day moving average price is $44.08 and its 200 day moving average price is $47.76. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 25.63 and a beta of 4.31.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The business’s quarterly revenue was down 23.1% compared to the same quarter last year. On average, sell-side analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC grew its stake in shares of IREN by 929.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 13,978 shares of the company’s stock worth $204,000 after purchasing an additional 12,620 shares during the period. Advisors Asset Management Inc. boosted its holdings in IREN by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after buying an additional 1,839 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of IREN during the 2nd quarter worth about $572,000. Thomist Capital Management LP acquired a new position in shares of IREN during the 2nd quarter worth about $938,000. Finally, CW Advisors LLC increased its stake in shares of IREN by 50.0% in the 2nd quarter. CW Advisors LLC now owns 30,000 shares of the company’s stock valued at $437,000 after acquiring an additional 10,000 shares during the last quarter. 41.08% of the stock is currently owned by 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.