IREN (NASDAQ:IREN) Stock Price Down 11.6% – What’s Next?

IREN Limited (NASDAQ:IREN) traded down 11.6% during trading on Monday . The company traded as low as $35.36 and last traded at $35.48. 46,253,076 shares were traded during trading, an increase of 77% from the average session volume of 26,153,119 shares. The stock had previously closed at $40.13.

Analysts Set New Price Targets

IREN has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Roth Capital set a $94.00 price target on IREN and gave the stock a “buy” rating in a research note on Monday, November 3rd. B. Riley reissued a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Arete Research began coverage on IREN in a research note on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. Finally, BTIG Research boosted their target price on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.85.

IREN Stock Down 11.6%

The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50 day simple moving average of $54.84 and a two-hundred day simple moving average of $33.27. The company has a market capitalization of $10.06 billion, a P/E ratio of 18.29 and a beta of 4.23.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE bought a new stake in shares of IREN in the 1st quarter worth about $69,000. Charles Schwab Investment Management Inc. grew its holdings in shares of IREN by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock worth $4,927,000 after purchasing an additional 98,190 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in IREN in the 1st quarter worth about $169,000. Wellington Management Group LLP lifted its holdings in IREN by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after buying an additional 1,387 shares in the last quarter. Finally, CW Advisors LLC bought a new stake in shares of IREN during the first quarter valued at approximately $122,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.