IREN (NASDAQ:IREN) Trading Down 5.1% – Here’s What Happened

Shares of IREN Limited (NASDAQ:IREN) fell 5.1% on Thursday . The stock traded as low as $47.15 and last traded at $47.74. 35,827,336 shares traded hands during trading, a decline of 15% from the average session volume of 42,102,285 shares. The stock had previously closed at $50.30.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. BTIG Research boosted their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. The Goldman Sachs Group set a $50.00 price target on shares of IREN in a report on Wednesday, May 27th. Canaccord Genuity Group boosted their price objective on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Finally, Jefferies Financial Group initiated coverage on IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.36.

IREN Trading Down 5.1%

The firm has a fifty day moving average of $55.25 and a 200 day moving average of $47.58. The firm has a market capitalization of $17.06 billion, a PE ratio of 99.46 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Equities research analysts expect that IREN Limited will post -1.25 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC boosted its position in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of IREN during the fourth quarter valued at about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the fourth quarter worth about $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN during the fourth quarter worth about $28,000. Finally, Motco acquired a new position in shares of IREN in the fourth quarter worth about $30,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.