IREN (NASDAQ:IREN) Shares Gap Down Following Weak Earnings

IREN Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $61.20, but opened at $54.97. IREN shares last traded at $55.7070, with a volume of 25,721,284 shares changing hands.

The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.49%.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: BTIG raised its price target on IREN and the company continues to draw bullish attention after unveiling a strategic NVIDIA partnership that could accelerate its AI data-center buildout. BTIG Research Increases IREN (NASDAQ:IREN) Price Target to $80.00
• Positive Sentiment: The NVIDIA deal has been framed as a major validation of IREN’s pivot from bitcoin mining toward AI infrastructure, helping drive recent investor enthusiasm for the stock. Iren just landed a data center deal with Nvidia. Its stock is soaring.
• Neutral Sentiment: JPMorgan raised its price target on IREN but kept an Underweight rating, indicating the firm sees more limited upside despite the higher valuation target. Benzinga report on JPMorgan price target increase
• Neutral Sentiment: Analysts and market coverage suggest some of the latest weakness is simply profit-taking after the sharp NVIDIA-driven surge, rather than a change in the long-term AI story. Iren’s stock pulls back as investors assess the steep price of the AI buildout
• Negative Sentiment: IREN announced a proposed $2 billion convertible senior notes offering, with an additional $300 million option, raising dilution and financing concerns as it funds its AI expansion. IREN Announces Proposed Convertible Notes Offering

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. HC Wainwright raised their target price on IREN to $85.00 and gave the company a “buy” rating in a research report on Friday. The Goldman Sachs Group reiterated a “neutral” rating and set a $44.00 target price on shares of IREN in a research report on Friday. B. Riley Financial reiterated a “buy” rating on shares of IREN in a research report on Friday, February 6th. Cantor Fitzgerald decreased their target price on IREN to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. increased their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $71.77.

Institutional Trading of IREN

Large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in IREN during the third quarter worth about $1,854,000. Wealth Enhancement Advisory Services LLC grew its holdings in IREN by 88.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after buying an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in IREN in the 3rd quarter valued at $2,995,000. Oppenheimer & Co. Inc. grew its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after buying an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after buying an additional 34,129 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The firm’s 50-day moving average price is $42.59 and its two-hundred day moving average price is $46.71. The stock has a market cap of $19.79 billion, a price-to-earnings ratio of 124.53 and a beta of 4.17.

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.