IREN (NASDAQ:IREN) Trading Down 1.1% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price dropped 1.1% during mid-day trading on Friday . The company traded as low as $47.25 and last traded at $47.8930. Approximately 19,561,160 shares changed hands during trading, a decline of 23% from the average daily volume of 25,505,855 shares. The stock had previously closed at $48.45.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IREN. Citizens Jmp assumed coverage on shares of IREN in a report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 price target for the company. B. Riley reaffirmed a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Citigroup began coverage on IREN in a research report on Wednesday, November 19th. They issued an “outperform” rating for the company. Cantor Fitzgerald boosted their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, August 29th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 price target on shares of IREN in a research note on Thursday, September 25th. Thirteen 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.43.

IREN Stock Down 1.1%

The firm has a market capitalization of $13.58 billion, a PE ratio of 24.69 and a beta of 4.21. The firm’s 50-day moving average is $54.86 and its 200 day moving average is $30.15. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

IREN (NASDAQ:IREN) last posted its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. As a group, research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN 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 completion of the transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IREN

A number of large investors have recently bought and sold shares of IREN. Situational Awareness LP increased its position in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after buying an additional 3,034,254 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of IREN during the second quarter valued at $74,228,000. Value Aligned Research Advisors LLC increased its position in IREN by 10.9% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock worth $169,979,000 after purchasing an additional 355,826 shares in the last quarter. Invesco Ltd. increased its position 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 purchasing an additional 936,333 shares in the last quarter. Finally, Vident Advisory LLC raised its stake in IREN by 0.6% in the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company’s stock valued at $18,006,000 after purchasing an additional 18,794 shares during the last quarter. 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.