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

IREN Limited (NASDAQ:IREN)’s share price was down 2.1% during trading on Tuesday . The company traded as low as $44.10 and last traded at $47.47. Approximately 37,900,023 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 25,523,908 shares. The stock had previously closed at $48.49.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IREN shares. Compass Point restated a “buy” rating and issued a $105.00 target price on shares of IREN in a research note on Friday, November 7th. Arete started coverage on shares of IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. HC Wainwright raised their price objective on shares of IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research report on Tuesday, November 4th. UBS Group reiterated a “buy” rating on shares of IREN in a research report on Friday, November 7th. Finally, Roth Capital set a $94.00 price target on shares of IREN and gave the company a “buy” rating in a research note on Monday, November 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, IREN currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.43.

IREN Price Performance

The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $13.46 billion, a P/E ratio of 24.47 and a beta of 4.21. The company has a fifty day simple moving average of $54.19 and a two-hundred day simple moving average of $29.61.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The company had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. Sell-side analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

A number of institutional investors have recently made changes to their positions in IREN. Situational Awareness LP lifted its stake in IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after buying an additional 3,034,254 shares during the period. Hood River Capital Management LLC bought a new stake in shares of IREN in the 2nd quarter valued at about $74,228,000. Value Aligned Research Advisors LLC raised its position in shares of IREN by 10.9% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock valued at $169,979,000 after acquiring an additional 355,826 shares during the period. Invesco Ltd. boosted its stake in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the last quarter. Finally, Vident Advisory LLC boosted its stake in IREN by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company’s stock worth $18,006,000 after acquiring an additional 18,794 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.