IREN (NASDAQ:IREN) Stock Price Down 2.3% – What’s Next?

IREN Limited (NASDAQ:IREN) shares were down 2.3% during trading on Monday . The stock traded as low as $39.06 and last traded at $39.3840. Approximately 21,785,382 shares were traded during trading, a decline of 17% from the average daily volume of 26,238,482 shares. The stock had previously closed at $40.30.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. B. Riley reiterated a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Citizens Jmp assumed coverage on shares of IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price on the stock. HC Wainwright lifted their price target on shares of IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research note on Tuesday, November 4th. Roth Capital set a $94.00 price objective on shares of IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $75.00 price objective on shares of IREN in a report on Thursday, September 25th. Twelve research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.64.

IREN Price Performance

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 company’s 50 day simple moving average is $50.09 and its 200 day simple moving average is $35.35. The company has a market capitalization of $11.16 billion, a PE ratio of 20.30 and a beta of 4.23.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new stake in IREN in the third quarter valued at $25,000. Quarry LP acquired a new stake in shares of IREN during the first quarter worth about $40,000. Allianz SE acquired a new stake in shares of IREN during the third quarter worth about $57,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN in the 3rd quarter valued at about $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 valued at $66,000 after purchasing an additional 1,839 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.