IREN (NASDAQ:IREN) Shares Down 2.8% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price was down 2.8% during mid-day trading on Friday . The company traded as low as $39.52 and last traded at $42.26. Approximately 50,026,949 shares changed hands during trading, an increase of 97% from the average daily volume of 25,415,967 shares. The stock had previously closed at $43.47.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on IREN shares. Citigroup started coverage on shares of IREN in a report on Wednesday. They issued an “outperform” rating for the company. B. Riley reiterated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Jones Trading downgraded shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. restated an “underweight” rating and set a $24.00 target price (up previously from $16.00) on shares of IREN in a research note on Friday, September 26th. Finally, Citizens Jmp began coverage on shares of IREN in a report on Wednesday. They issued a “market outperform” rating and a $80.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.36.

IREN Stock Down 2.8%

The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50 day simple moving average of $53.80 and a two-hundred day simple moving average of $28.75. The firm has a market capitalization of $11.98 billion, a P/E ratio of 21.78 and a beta of 4.21.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. On average, equities analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.02% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IREN

Several large investors have recently made changes to their positions in IREN. Private Advisor Group LLC lifted its position in shares of IREN by 4,075.5% in the first quarter. Private Advisor Group LLC now owns 508,118 shares of the company’s stock worth $3,094,000 after buying an additional 495,949 shares in the last quarter. Phoenix Financial Ltd. increased its stake in IREN by 25.6% in the 1st quarter. Phoenix Financial Ltd. now owns 60,990 shares of the company’s stock worth $373,000 after acquiring an additional 12,431 shares during the last quarter. Maridea Wealth Management LLC raised its holdings in shares of IREN by 57.1% during the 1st quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company’s stock worth $1,950,000 after acquiring an additional 116,408 shares in the last quarter. US Bancorp DE purchased a new stake in shares of IREN during the 1st quarter worth approximately $69,000. Finally, R Squared Ltd boosted its position in shares of IREN by 170.1% during the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after acquiring an additional 6,480 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

About IREN

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.