IREN (NASDAQ:IREN) Shares Gap Down After Analyst Downgrade

IREN Limited (NASDAQ:IREN) gapped down before the market opened on Tuesday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $42.04, but opened at $40.72. IREN shares last traded at $41.4490, with a volume of 2,425,493 shares traded.

IREN has been the topic of a number of other research reports. Arete Research assumed coverage on IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. JPMorgan Chase & Co. increased their target price on IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday, November 24th. JMP Securities set a $80.00 target price on IREN in a report on Wednesday, November 19th. UBS Group restated a “buy” rating on shares of IREN in a research note on Friday, November 7th. Finally, Citigroup started coverage on IREN in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Twelve investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.64.

Institutional Trading of IREN

Several hedge funds have recently bought and sold shares of IREN. Centaurus Financial Inc. lifted its position in IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after purchasing an additional 332 shares during the period. Larson Financial Group LLC grew its stake in IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after buying an additional 335 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of IREN in the third quarter worth approximately $25,000. SLT Holdings LLC raised its position in IREN by 6.0% in the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock worth $497,000 after purchasing an additional 600 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of IREN by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock valued at $1,174,000 after acquiring an additional 845 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Stock Performance

The company has a market capitalization of $11.75 billion, a PE ratio of 21.37 and a beta of 4.23. The business’s 50-day moving average is $51.97 and its 200-day moving average is $34.47. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

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.