IREN (NASDAQ:IREN) Shares Down 3.5% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) dropped 3.5% on Friday . The company traded as low as $32.22 and last traded at $33.62. 40,231,107 shares changed hands during mid-day trading, a decline of 4% from the average daily volume of 41,907,816 shares. The stock had previously closed at $34.83.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IREN shares. Weiss Ratings cut shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Jefferies Financial Group initiated coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective for the company. Freedom Capital upgraded shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Canaccord Genuity Group boosted their target price on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, BTIG Research upped 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $82.36.

IREN Price Performance

The firm has a market cap of $12.02 billion, a P/E ratio of 70.04 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock’s 50-day simple moving average is $52.79 and its two-hundred day simple moving average is $47.66.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. Equities research analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IREN. Polianta Ltd grew its stake in shares of IREN by 5.9% during the second quarter. Polianta Ltd now owns 37,400 shares of the company’s stock valued at $1,710,000 after buying an additional 2,100 shares during the last quarter. Teamwork Financial Advisors LLC lifted its stake in shares of IREN by 28.9% during the 2nd quarter. Teamwork Financial Advisors LLC now owns 21,894 shares of the company’s stock worth $1,001,000 after acquiring an additional 4,906 shares during the last quarter. Gainplan LLC purchased a new position in IREN during the 2nd quarter valued at $215,000. Balefire LLC boosted its holdings in IREN by 2.9% during the 2nd quarter. Balefire LLC now owns 26,684 shares of the company’s stock valued at $1,220,000 after acquiring an additional 760 shares during the period. Finally, GAMMA Investing LLC grew its position in IREN by 177.5% in the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock valued at $32,000 after acquiring an additional 442 shares during 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.