IREN (NASDAQ:IREN) Shares Down 1.3% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares fell 1.3% on Thursday . The stock traded as low as $39.83 and last traded at $41.66. 23,791,049 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 39,785,262 shares. The stock had previously closed at $42.21.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a research report on Friday, February 6th. Canaccord Genuity Group restated a “buy” rating and issued a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. HC Wainwright upgraded shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Trading Down 1.3%

The company has a market capitalization of $13.84 billion, a PE ratio of 31.32 and a beta of 4.31. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The business has a fifty day moving average price of $46.55 and a 200 day moving average price of $47.06.

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 firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company’s quarterly revenue was down 23.1% on a year-over-year basis. Analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Situational Awareness LP increased its holdings in IREN by 20.5% in the 4th quarter. Situational Awareness LP now owns 8,700,621 shares of the company’s stock valued at $328,622,000 after purchasing an additional 1,480,200 shares in the last quarter. Hood River Capital Management LLC acquired a new position in shares of IREN during the second quarter worth about $74,228,000. Marex Group plc lifted its stake in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after purchasing an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of IREN in the fourth quarter worth about $158,677,000. Finally, Value Aligned Research Advisors LLC grew its stake in shares of IREN by 18.6% in the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after buying an additional 607,189 shares in the last quarter. Institutional investors and hedge funds 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.