IREN (NASDAQ:IREN) Shares Down 1.8% – Here’s Why

IREN Limited (NASDAQ:IREN)’s stock price traded down 1.8% during trading on Wednesday . The company traded as low as $57.71 and last traded at $58.11. 35,678,570 shares were traded during trading, a decline of 16% from the average session volume of 42,350,238 shares. The stock had previously closed at $59.18.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Freedom Capital raised shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. HC Wainwright raised their target price on shares of IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Canaccord Genuity Group raised their target price on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research report on Wednesday, May 27th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.62.

IREN Trading Down 1.8%

The company has a market capitalization of $20.77 billion, a PE ratio of 121.06 and a beta of 4.22. The company’s fifty day moving average is $53.00 and its 200-day moving average is $47.13. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN) last issued its quarterly earnings data 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). The business had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, analysts anticipate that IREN Limited will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several institutional investors have recently bought and sold shares of IREN. Miller Wealth Advisors LLC increased its holdings in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in IREN during the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC purchased a new position in IREN in the fourth quarter worth $28,000. Finally, Motco purchased a new position in IREN in the fourth quarter worth $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.