IREN (NASDAQ:IREN) Stock Price Down 8.4% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price was down 8.4% during trading on Wednesday . The stock traded as low as $48.84 and last traded at $50.1160. 37,827,365 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 42,142,602 shares. The stock had previously closed at $54.72.

Wall Street Analyst Weigh In

A number of analysts have weighed in on IREN shares. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. BTIG Research increased their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Freedom Capital upgraded shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. B. Riley Financial boosted their price target on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Canaccord Genuity Group upped their price objective on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Fourteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $82.36.

IREN Stock Performance

The company has a market cap of $17.91 billion, a price-to-earnings ratio of 104.41 and a beta of 4.22. The firm has a 50-day simple moving average of $55.11 and a 200 day simple moving average of $47.56. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, sell-side analysts predict that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of IREN

A number of large investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC increased its stake in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in shares of IREN during the fourth quarter worth about $26,000. Clearstead Trust LLC purchased a new position in shares of IREN during the fourth quarter worth about $27,000. Aventura Private Wealth LLC acquired a new position in IREN in the 4th quarter valued at about $28,000. Finally, Motco acquired a new position in IREN in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.