IREN (NASDAQ:IREN) Trading Down 6.2% – What’s Next?

IREN Limited (NASDAQ:IREN)’s share price traded down 6.2% on Wednesday . The stock traded as low as $43.85 and last traded at $43.92. 30,800,149 shares were traded during mid-day trading, an increase of 18% from the average session volume of 26,011,352 shares. The stock had previously closed at $46.84.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citigroup began coverage on IREN in a report on Wednesday, November 19th. They set an “outperform” rating on the stock. Canaccord Genuity Group upped their price target on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. BTIG Research lifted their price objective on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Cantor Fitzgerald increased their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Finally, Roth Capital set a $94.00 price target on shares of IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. Twelve analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.85.

IREN Price Performance

The company’s 50 day simple moving average is $55.17 and its two-hundred day simple moving average is $32.56. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The stock has a market capitalization of $12.45 billion, a P/E ratio of 22.64 and a beta of 4.23.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.02% of the stock is owned by corporate insiders.

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Global Retirement Partners LLC bought a new stake in shares of IREN during the third quarter worth approximately $25,000. Quarry LP bought a new stake in shares of IREN during the 1st quarter valued at $40,000. Allianz SE acquired a new position in shares of IREN in the 3rd quarter valued at $57,000. Sherman Asset Management Inc. bought a new position in shares of IREN in the 3rd quarter worth $59,000. Finally, Advisors Asset Management Inc. boosted its position in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after purchasing an additional 1,839 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.