IREN (NASDAQ:IREN) Announces Quarterly Earnings Results, Misses Expectations By $0.48 EPS

IREN (NASDAQ:IREN) issued its quarterly earnings data on Thursday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48), Zacks reports. IREN had a negative return on equity of 4.42% and a net margin of 86.96%.The business had revenue of $240.30 million during the quarter, compared to analysts’ expectations of $244.60 million. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year.

IREN Stock Down 6.8%

NASDAQ IREN traded down $4.58 during mid-day trading on Friday, reaching $62.38. 53,008,878 shares of the company’s stock traded hands, compared to its average volume of 42,854,636. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $49.90 and a 200-day simple moving average of $26.13. The company has a market cap of $16.97 billion, a price-to-earnings ratio of 32.15 and a beta of 4.21. IREN has a 1-year low of $5.13 and a 1-year high of $76.87.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IREN. Canaccord Genuity Group lifted their price objective on shares of IREN from $37.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Zacks Research cut shares of IREN from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Compass Point reaffirmed a “buy” rating and set a $105.00 price objective on shares of IREN in a report on Friday. HC Wainwright upped their target price on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a report on Tuesday. Finally, Arete assumed coverage on IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $65.25.

Insider Buying and Selling at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. acquired a new stake in shares of IREN during the 2nd quarter valued at $2,333,000. Ameriprise Financial Inc. lifted its holdings in shares of IREN by 19.4% in the second quarter. Ameriprise Financial Inc. now owns 147,380 shares of the company’s stock valued at $2,147,000 after purchasing an additional 23,924 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of IREN by 80.8% in the second quarter. Advisory Services Network LLC now owns 100,254 shares of the company’s stock worth $1,615,000 after buying an additional 44,798 shares during the period. Manatuck Hill Partners LLC purchased a new position in shares of IREN during the second quarter valued at $1,457,000. Finally, Boothbay Fund Management LLC acquired a new position in IREN during the second quarter valued at $1,174,000. 41.08% of the stock is currently owned by institutional investors.

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.