IREN (NASDAQ:IREN) Stock Price Down 4.6% – Here’s What Happened

Shares of IREN Limited (NASDAQ:IREN) fell 4.6% on Wednesday . The company traded as low as $51.22 and last traded at $51.52. 39,792,157 shares traded hands during trading, a decline of 6% from the average session volume of 42,493,719 shares. The stock had previously closed at $54.02.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. B. Riley Financial increased their price objective on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group increased their price objective on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. increased their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, HC Wainwright increased their price objective on IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Down 4.7%

The company’s fifty day moving average price is $50.63 and its 200-day moving average price is $46.73. The stock has a market capitalization of $18.40 billion, a PE ratio of 107.25 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

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 net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. Analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Large investors have recently made changes to their positions in the business. Miller Wealth Advisors LLC raised 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 during the last quarter. North Star Investment Management Corp. purchased a new position in IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC purchased a new position in IREN in the 4th quarter worth approximately $27,000. Aventura Private Wealth LLC purchased a new position in IREN in the 4th quarter worth approximately $28,000. Finally, Motco purchased a new position in IREN in the 4th quarter worth approximately $30,000. 41.08% of the stock is currently 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.