IREN (NASDAQ:IREN) Trading Down 6.5% – What’s Next?

IREN Limited (NASDAQ:IREN)’s stock price was down 6.5% on Tuesday . The stock traded as low as $32.54 and last traded at $33.93. Approximately 47,149,533 shares traded hands during trading, an increase of 12% from the average session volume of 42,245,098 shares. The stock had previously closed at $36.29.

Analyst Ratings Changes

IREN has been the topic of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of IREN in a report on Tuesday, July 21st. The Goldman Sachs Group restated a “neutral” rating on shares of IREN in a report on Monday, July 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $79.00 price objective on shares of IREN in a research report on Tuesday, July 21st. HC Wainwright upped their price objective on shares of IREN from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Sanford C. Bernstein set a $96.00 target price on shares of IREN in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.71.

IREN Trading Down 6.5%

The business has a 50-day moving average of $50.40 and a 200-day moving average of $47.53. 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 cap of $12.13 billion, a price-to-earnings ratio of 70.69 and a beta of 4.27.

IREN (NASDAQ:IREN) last issued its 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. As a group, research analysts forecast that IREN Limited will post -1.96 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in IREN. CENTRAL TRUST Co raised its position in IREN by 19.8% during the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after acquiring an additional 245 shares in the last quarter. Versant Capital Management Inc grew its position in IREN by 14.5% in the second quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock worth $115,000 after acquiring an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. grew its position in IREN by 19.1% in the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock worth $70,000 after acquiring an additional 328 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the last quarter. Finally, Hollencrest Capital Management increased its stake in shares of IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after purchasing an additional 350 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.