IREN (NASDAQ:IREN) Trading Down 2.5% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price traded down 2.5% during trading on Thursday . The company traded as low as $37.08 and last traded at $37.93. 30,766,491 shares changed hands during trading, a decline of 28% from the average session volume of 42,726,777 shares. The stock had previously closed at $38.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on IREN shares. Needham & Company LLC reiterated a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Canaccord Genuity Group reissued a “buy” rating and set a $79.00 price target on shares of IREN in a research report on Tuesday, July 21st. BTIG Research lifted their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Cantor Fitzgerald upped their price objective on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Finally, HC Wainwright increased their price objective on shares of IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Trading Up 8.7%

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a market cap of $14.73 billion, a price-to-earnings ratio of 85.90 and a beta of 4.29. The company has a fifty day moving average price of $46.59 and a 200-day moving average price of $46.74.

IREN (NASDAQ:IREN) last posted its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, research analysts expect that IREN Limited will post -1.96 EPS for the current year.

Institutional Investors Weigh In On IREN

Hedge funds have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. acquired a new stake in IREN during the second quarter valued at $158,000. NewEdge Advisors LLC grew its position in IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after buying an additional 30,736 shares during the period. Sei Investments Co. purchased a new position in IREN in the second quarter valued at $2,333,000. Finally, Peapack Gladstone Financial Corp increased its holdings in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares in the last quarter. 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.