IREN (NASDAQ:IREN) Trading Down 8.7% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s stock price fell 8.7% during mid-day trading on Tuesday . The stock traded as low as $51.15 and last traded at $54.02. 56,991,498 shares changed hands during mid-day trading, an increase of 34% from the average session volume of 42,512,063 shares. The stock had previously closed at $59.19.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IREN. JPMorgan Chase & Co. upped their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. B. Riley Financial upped their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Canaccord Genuity Group upped their price target on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, BTIG Research upped their price target on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.62.

IREN Stock Down 8.7%

The company has a market cap of $19.31 billion, a price-to-earnings ratio of 112.54 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The business has a 50-day simple moving average of $50.25 and a 200-day simple moving average of $46.67.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. On average, equities analysts anticipate that IREN Limited will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Miller Wealth Advisors LLC raised its position in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of IREN during the 4th quarter worth about $26,000. Clearstead Trust LLC acquired a new stake in shares of IREN during the 4th quarter worth about $27,000. Aventura Private Wealth LLC acquired a new stake in shares of IREN during the 4th quarter worth about $28,000. Finally, Motco acquired a new stake in shares of IREN during the 4th quarter worth about $30,000. Institutional investors and hedge funds 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.