IREN (NASDAQ:IREN) Shares Down 1.7% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares traded down 1.7% during mid-day trading on Wednesday . The stock traded as low as $41.59 and last traded at $42.21. 23,663,797 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 40,048,703 shares. The stock had previously closed at $42.96.

Wall Street Analysts Forecast Growth

IREN has been the topic of several research analyst reports. Cantor Fitzgerald dropped their target price on shares of IREN to $82.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. The Goldman Sachs Group started coverage on shares of IREN in a report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price target for the company. Zacks Research upgraded shares of IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a research report on Friday, February 6th. Finally, Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, IREN presently has an average rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Stock Performance

The firm has a market cap of $13.73 billion, a price-to-earnings ratio of 31.07 and a beta of 4.31. The stock has a 50-day moving average of $46.47 and a 200-day moving average of $47.02. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The firm’s quarterly revenue was down 23.1% on a year-over-year basis. As a group, analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. acquired a new stake in IREN in the 2nd quarter valued at $255,000. Foundations Investment Advisors LLC acquired a new position in shares of IREN during the 2nd quarter worth about $146,000. SG Americas Securities LLC grew its holdings in shares of IREN by 6.8% in the 2nd quarter. SG Americas Securities LLC now owns 103,945 shares of the company’s stock valued at $1,514,000 after acquiring an additional 6,656 shares in the last quarter. Weaver Consulting Group acquired a new stake in shares of IREN in the second quarter valued at about $207,000. Finally, Main Management ETF Advisors LLC increased its position in shares of IREN by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 105,528 shares of the company’s stock valued at $1,538,000 after acquiring an additional 1,716 shares during the last quarter. 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.