IREN (NASDAQ:IREN) Shares Down 5.3% – Here’s What Happened

IREN Limited (NASDAQ:IREN) dropped 5.3% during mid-day trading on Monday . The company traded as low as $38.08 and last traded at $38.98. 35,747,238 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 41,990,605 shares. The stock had previously closed at $41.14.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a report on Thursday, June 4th. BTIG Research boosted their price target on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. B. Riley Financial upped their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. increased their price objective on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Finally, Cantor Fitzgerald boosted their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, IREN has an average rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Stock Down 1.0%

The stock has a market cap of $13.79 billion, a P/E ratio of 80.40 and a beta of 4.27. 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 firm’s fifty day moving average is $53.69 and its 200 day moving average is $47.73.

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

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC lifted its holdings in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new position in IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC acquired a new position in IREN during the 4th quarter valued at $27,000. Aventura Private Wealth LLC bought a new stake in IREN in the 4th quarter valued at $28,000. Finally, Motco acquired a new stake in IREN in the 4th quarter worth $30,000. Institutional investors and hedge funds 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.