IREN (NASDAQ:IREN) Stock Price Down 8.1% Following Analyst Downgrade

Shares of IREN Limited (NASDAQ:IREN) fell 8.1% during trading on Monday after B. Riley Financial lowered their price target on the stock from $91.00 to $64.00. B. Riley Financial currently has a buy rating on the stock. IREN traded as low as $21.86 and last traded at $22.02. Approximately 47,904,717 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 43,653,113 shares. The stock had previously closed at $23.95.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $99.00 price objective on shares of IREN in a research note on Friday, August 28th. Compass Point restated a “buy” rating and issued a $85.00 target price on shares of IREN in a research report on Friday, August 28th. Rothschild & Co Redburn began coverage on shares of IREN in a report on Monday, September 21st. They set a “neutral” rating and a $40.00 price target for the company. Northland Securities assumed coverage on shares of IREN in a research report on Friday, September 18th. They set an “outperform” rating and a $99.00 price target on the stock. Finally, Weiss Ratings cut shares of IREN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.86.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its stake in IREN by 4.4% during the second quarter. Allworth Financial LP now owns 7,162 shares of the company’s stock worth $328,000 after acquiring an additional 305 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of IREN by 14.5% in the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock valued at $115,000 after purchasing an additional 317 shares in the last quarter. Hollencrest Capital Management boosted its stake in shares of IREN by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after purchasing an additional 350 shares in the last quarter. WealthPlan Investment Management LLC grew its holdings in shares of IREN by 3.7% during the 3rd quarter. WealthPlan Investment Management LLC now owns 11,190 shares of the company’s stock valued at $457,000 after purchasing an additional 404 shares during the last quarter. Finally, Ascent Wealth Partners LLC grew its holdings in shares of IREN by 2.6% during the 3rd quarter. Ascent Wealth Partners LLC now owns 15,866 shares of the company’s stock valued at $649,000 after purchasing an additional 404 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

IREN Stock Down 8.1%

The firm’s fifty day moving average is $37.79 and its 200-day moving average is $44.41. The company has a market capitalization of $8.68 billion, a P/E ratio of -9.41 and a beta of 4.33. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN’s operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.