IREN (NASDAQ:IREN) Stock Price Down 2.8% – Here’s What Happened

Shares of IREN Limited (NASDAQ:IREN) fell 2.8% on Monday . The stock traded as low as $43.89 and last traded at $45.91. Approximately 34,006,997 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 42,073,887 shares. The stock had previously closed at $47.21.

Analysts Set New Price Targets

IREN has been the subject of a number of recent analyst reports. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a research report on Thursday, June 4th. Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Cantor Fitzgerald increased their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. The Goldman Sachs Group set a $50.00 target price on IREN in a research report on Wednesday, May 27th. Finally, Jefferies Financial Group assumed coverage on IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price for the company. Fourteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Price Performance

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $16.41 billion, a P/E ratio of 95.65 and a beta of 4.22. The business’s 50 day simple moving average is $55.23 and its two-hundred day simple moving average is $47.61.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, sell-side analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. increased its stake 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 during the last quarter. Sanctuary Advisors LLC lifted its holdings in IREN by 282.2% during the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after acquiring an additional 34,129 shares during the period. Avaii Wealth Management LLC boosted its position in IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock worth $5,506,000 after purchasing an additional 98,581 shares during the last quarter. Private Advisor Group LLC grew its stake in IREN by 12.7% in the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock valued at $36,684,000 after purchasing an additional 88,081 shares during the period. Finally, International Assets Investment Management LLC bought a new position in IREN in the 4th quarter valued at $939,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.