IREN (NASDAQ:IREN) Trading Down 3.1% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price traded down 3.1% on Wednesday . The stock traded as low as $43.63 and last traded at $44.03. 31,403,873 shares were traded during trading, a decline of 26% from the average session volume of 42,468,707 shares. The stock had previously closed at $45.45.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. The Goldman Sachs Group initiated coverage on shares of IREN in a research report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target on the stock. Cantor Fitzgerald dropped their price objective on shares of IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Citizens Jmp set a $80.00 target price on shares of IREN in a research report on Wednesday, November 19th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of IREN in a report on Friday, February 6th. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Price Performance

The firm has a market capitalization of $13.61 billion, a P/E ratio of 30.79 and a beta of 4.27. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $46.73 and its 200-day moving average is $45.06.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The company’s revenue for the quarter was down 23.1% on a year-over-year basis. As a group, sell-side analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in IREN in the 3rd quarter valued at approximately $25,000. Miller Wealth Advisors LLC increased its holdings in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new position in shares of IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new stake in IREN during the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN during the 4th quarter worth $28,000. 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.