IREN (NASDAQ:IREN) Stock Price Down 6.7% – Here’s Why

IREN Limited (NASDAQ:IREN) shares were down 6.7% during trading on Friday. The stock traded as low as $17.39 and last traded at $18.17. 68,814,651 shares were traded during trading, an increase of 52% from the average session volume of 45,335,305 shares. The stock had previously closed at $19.48.

More IREN News

These are some of the IREN news items that stood out recently:

• Positive Sentiment: Analysts remain broadly optimistic about neocloud stocks, with forecasts cited in one report suggesting the group could more than double over the next 12 months. CRWV vs IREN vs NBIS: Which Neocloud Stock To Bet On After Q3 Reports Allay Durability Fears
• Negative Sentiment: Investors are reacting to reports that Nvidia may slow investments in AI companies and credit guarantees following CEO Jensen Huang’s resignation. IREN may be particularly exposed: Nvidia is expected to rent about $700 million of IREN cloud capacity annually under a five-year, $3.4 billion agreement, raising concerns about demand and customer concentration. IREN Is the Real Loser in Nvidia’s Pullback: Nvidia Is Its $3.4 Billion Customer
• Negative Sentiment: Bitcoin’s drop below $70,000 and rising Treasury yields are adding pressure. Weakness across AI data-center peers is also weighing on sentiment as investors reassess the sector’s spending needs and growth outlook. Why Is IREN Stock Falling on Friday?

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IREN. The Goldman Sachs Group reissued a “neutral” rating and issued a $30.00 price objective on shares of IREN in a report on Friday, November 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of IREN in a report on Tuesday, July 21st. Cantor Fitzgerald reduced their price target on shares of IREN from $99.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. UBS Group reiterated an “overweight” rating on shares of IREN in a research report on Monday. Finally, Compass Point reiterated a “buy” rating and set a $55.00 price target on shares of IREN in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.57.

IREN Stock Down 6.6%

The business has a 50-day simple moving average of $34.52 and a two-hundred day simple moving average of $42.94. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of -4.46 and a beta of 4.33. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.60 and a current ratio of 1.60.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.06. IREN had a negative return on equity of 16.36% and a negative net margin of 194.36%. The business had revenue of $228.00 million for the quarter, compared to analyst estimates of $228.26 million. As a group, equities analysts predict that IREN Limited will post 0.64 EPS for the current year.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Situational Awareness LP lifted its stake in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in IREN during the second quarter worth about $2,989,000. Secure Asset Management LLC acquired a new position in IREN during the third quarter worth about $2,820,000. Cetera Investment Advisers grew its position in IREN by 27.8% during the first quarter. Cetera Investment Advisers now owns 300,029 shares of the company’s stock worth $10,285,000 after buying an additional 65,323 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in IREN during the second quarter worth about $4,211,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Company Profile

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs. Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas. IREN has emphasized developing facilities with access to renewable energy.