IREN (NASDAQ:IREN) Trading Down 1% – What’s Next?

IREN Limited (NASDAQ:IREN) shares traded down 1% on Tuesday . The stock traded as low as $37.04 and last traded at $38.59. Approximately 35,004,528 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 41,932,840 shares. The stock had previously closed at $38.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group raised their price objective on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. B. Riley Financial upped their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. HC Wainwright boosted their price target on shares of IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, BTIG Research upped their price target on shares of IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.36.

IREN Stock Performance

The firm has a market cap of $13.79 billion, a PE ratio of 80.40 and a beta of 4.27. The company has a 50 day simple moving average of $54.01 and a 200-day simple moving average of $47.75. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, equities research analysts anticipate that IREN Limited will post -1.25 EPS for the current year.

Institutional Trading of IREN

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. CENTRAL TRUST Co increased its stake in IREN by 19.8% during the 1st quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after purchasing an additional 245 shares in the last quarter. Versant Capital Management Inc raised its stake in IREN by 14.5% during the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock valued at $115,000 after buying an additional 317 shares during the last quarter. Vermillion Wealth Management Inc. lifted its holdings in shares of IREN by 19.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock valued at $70,000 after buying an additional 328 shares during the period. Centaurus Financial Inc. lifted its holdings in shares of IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after buying an additional 332 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in IREN by 26.7% in the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after acquiring an additional 335 shares during the period. Hedge funds and other institutional investors 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.