IREN (NASDAQ:IREN) Trading Down 4.9% – What’s Next?

IREN Limited (NASDAQ:IREN) traded down 4.9% during mid-day trading on Monday . The stock traded as low as $39.60 and last traded at $39.81. 31,170,042 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 42,920,281 shares. The stock had previously closed at $41.88.

Analyst Ratings Changes

IREN has been the topic of several recent analyst reports. HC Wainwright lifted their price target on shares of IREN from $85.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Cantor Fitzgerald boosted their price target on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $100.00 price objective on shares of IREN in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $83.00.

IREN Stock 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 firm has a market cap of $14.23 billion, a P/E ratio of 82.94 and a beta of 4.29. The business has a fifty day simple moving average of $43.20 and a 200-day simple moving average of $45.73.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Situational Awareness LP grew its position in IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in IREN in the first quarter worth about $20,878,000. Triglav Investments D.O.O. bought a new position in shares of IREN in the first quarter worth approximately $871,000. Oppenheimer & Co. Inc. lifted its stake in shares of IREN by 257.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after buying an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in shares of IREN by 282.2% during the fourth 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 during the last quarter. 41.08% of the stock is currently owned by 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.