IREN (NASDAQ:IREN) Shares Down 7.7% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price dropped 7.7% during mid-day trading on Wednesday . The stock traded as low as $33.61 and last traded at $33.78. Approximately 31,437,987 shares were traded during trading, an increase of 20% from the average daily volume of 26,257,264 shares. The stock had previously closed at $36.59.

Wall Street Analyst Weigh In

Several brokerages recently commented on IREN. Weiss Ratings reissued a “hold (c)” rating on shares of IREN in a research note on Monday. Cantor Fitzgerald lifted their target price on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Sanford C. Bernstein restated an “outperform” rating and set a $75.00 price target on shares of IREN in a research note on Thursday, September 25th. BTIG Research raised their price target on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, Canaccord Genuity Group upped their price objective on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Twelve analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.85.

IREN Stock Down 7.7%

The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $53.89 and a 200-day simple moving average of $33.66. The stock has a market cap of $9.58 billion, a P/E ratio of 17.41 and a beta of 4.23.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Hood River Capital Management LLC bought a new position in shares of IREN in the second quarter worth about $74,228,000. Situational Awareness LP bought a new position in IREN in the 1st quarter worth approximately $20,500,000. Voloridge Investment Management LLC increased its position in IREN by 1,444.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after buying an additional 1,545,579 shares during the period. Marshall Wace LLP lifted its holdings in shares of IREN by 247.7% during the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after buying an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in shares of IREN in the second quarter valued at approximately $21,025,000. Institutional investors own 41.08% of the company’s stock.

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.