IREN (NASDAQ:IREN) Shares Down 7.3% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price dropped 7.3% on Tuesday . The stock traded as low as $44.94 and last traded at $45.17. Approximately 34,872,093 shares changed hands during trading, a decline of 8% from the average daily volume of 37,900,125 shares. The stock had previously closed at $48.72.

Analyst Ratings Changes

IREN has been the subject of several recent analyst reports. Cantor Fitzgerald dropped their price objective on shares of IREN to $61.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. B. Riley Financial reiterated a “buy” rating on shares of IREN in a report on Friday, February 6th. Finally, HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 13th. Thirteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.08.

IREN Stock Performance

The firm has a market cap of $15.01 billion, a PE ratio of 33.96 and a beta of 4.30. The business has a 50 day simple moving average of $40.88 and a two-hundred day simple moving average of $47.61. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. IREN’s quarterly revenue was down 23.1% compared to the same quarter last year. As a group, equities research analysts forecast that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in IREN during the 3rd quarter worth $1,854,000. Wealth Enhancement Advisory Services LLC raised its position in IREN by 88.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after purchasing an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of IREN in the 3rd quarter worth $2,995,000. Avaii Wealth Management LLC lifted its holdings in shares of IREN by 208.9% in the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock worth $5,506,000 after buying an additional 98,581 shares during the period. Finally, Foundations Investment Advisors LLC grew its position in shares of IREN by 1,055.2% during the 3rd quarter. Foundations Investment Advisors LLC now owns 115,754 shares of the company’s stock worth $5,432,000 after buying an additional 105,734 shares in the last quarter. 41.08% of the stock is currently owned by 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.