IREN (NASDAQ:IREN) Stock Price Down 2.1% – Here’s Why

IREN Limited (NASDAQ:IREN) shares dropped 2.1% during mid-day trading on Friday . The stock traded as low as $55.56 and last traded at $56.83. Approximately 35,352,440 shares changed hands during trading, a decline of 14% from the average daily volume of 41,138,809 shares. The stock had previously closed at $58.06.

Wall Street Analysts Forecast Growth

IREN has been the topic of several research analyst reports. Freedom Capital upgraded shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. BTIG Research increased their price objective on shares of IREN to $80.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Weiss Ratings cut shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Finally, Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.77.

IREN Stock Down 2.1%

The company’s 50 day moving average price is $45.42 and its two-hundred day moving average price is $46.41. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market cap of $20.31 billion, a P/E ratio of 118.40 and a beta of 4.17.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share 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 business had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. Equities analysts forecast that IREN Limited will post -1.09 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC increased its holdings in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC purchased a new stake in IREN in the 4th quarter worth approximately $27,000. Aventura Private Wealth LLC purchased a new stake in IREN in the 4th quarter worth approximately $28,000. Finally, Motco purchased a new stake in IREN in the 4th quarter worth approximately $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.