IREN (NASDAQ:IREN) Issues Quarterly Earnings Results, Misses Estimates By $0.48 EPS

IREN (NASDAQ:IREN) released its quarterly earnings results on Thursday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48), Zacks reports. The business had revenue of $240.30 million during the quarter, compared to analysts’ expectations of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 4.42%. The firm’s quarterly revenue was up 28.3% on a year-over-year basis.

IREN Stock Down 6.8%

NASDAQ:IREN traded down $4.58 during mid-day trading on Friday, hitting $62.38. 53,008,878 shares of the company’s stock were exchanged, compared to its average volume of 42,854,636. The company has a market cap of $16.97 billion, a PE ratio of 32.15 and a beta of 4.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. IREN has a one year low of $5.13 and a one year high of $76.87. The business has a fifty day moving average price of $49.90 and a 200 day moving average price of $26.13.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group reissued a “buy” rating on shares of IREN in a report on Friday. Arete started coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective on the stock. Cantor Fitzgerald upped their target price on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Macquarie raised their price target on IREN to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Arete Research assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $65.25.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Tower Research Capital LLC TRC boosted its holdings in IREN by 54.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company’s stock worth $152,000 after acquiring an additional 3,684 shares in the last quarter. Peapack Gladstone Financial Corp raised its position in shares of IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after purchasing an additional 4,200 shares during the last quarter. StoneX Group Inc. purchased a new position in shares of IREN in the 2nd quarter worth about $158,000. Tidal Investments LLC bought a new position in IREN in the 2nd quarter worth about $175,000. Finally, Shay Capital LLC bought a new position in IREN in the 2nd quarter worth about $233,000. Institutional investors 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.