IREN (NASDAQ:IREN) Stock Falls 1.2% on Analyst Downgrade

IREN Limited (NASDAQ:IREN) shares were down 1.2% during trading on Wednesday after B. Riley Financial lowered their price target on the stock from $96.00 to $91.00. B. Riley Financial currently has a buy rating on the stock. IREN traded as low as $40.60 and last traded at $40.8950. 25,387,446 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 42,349,824 shares. The stock had previously closed at $41.38.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group assumed coverage on shares of IREN in a research report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price target for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $100.00 price objective on shares of IREN in a research report on Thursday, August 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $99.00 target price on shares of IREN in a research note on Friday, August 28th. Canaccord Genuity Group restated a “buy” rating and issued a $79.00 target price on shares of IREN in a report on Friday, August 28th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating on shares of IREN in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently modified their holdings of IREN. Situational Awareness LP increased its position in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after buying an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in IREN during the first quarter valued at about $20,878,000. Triglav Investments D.O.O. acquired a new stake in shares of IREN in the first quarter worth about $871,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of IREN in the second quarter worth about $2,989,000. Finally, Pictet Asset Management Holding SA boosted its stake in shares of IREN by 349.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company’s stock worth $4,379,000 after acquiring an additional 99,384 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The company has a market cap of $16.12 billion, a P/E ratio of -17.48 and a beta of 4.28. The firm has a 50 day moving average price of $41.46 and a 200-day moving average price of $45.83.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.