IREN (NASDAQ:IREN) Trading Down 5.6% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) traded down 5.6% during mid-day trading on Thursday . The stock traded as low as $63.55 and last traded at $64.05. 46,217,804 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 41,645,500 shares. The stock had previously closed at $67.84.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IREN shares. BTIG Research boosted their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. The Goldman Sachs Group set a $50.00 target price on IREN in a research report on Wednesday. Finally, Freedom Capital upgraded IREN to a “hold” rating in a research note on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.69.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The stock has a market cap of $22.71 billion, a P/E ratio of 132.38 and a beta of 4.17. The business’s 50-day moving average price is $47.70 and its 200-day moving average price is $46.28.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. As a group, sell-side analysts expect that IREN Limited will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IREN. Marex Group plc increased its holdings in IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of IREN in the fourth quarter worth approximately $158,677,000. Clear Street Group Inc. bought a new position in shares of IREN in the fourth quarter worth approximately $137,075,000. Situational Awareness LP increased its stake in shares of IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd increased its stake in shares of IREN by 1,022.2% in the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after purchasing an additional 2,614,835 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.