IREN (NASDAQ:IREN) Shares Gap Down – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $44.94, but opened at $43.80. IREN shares last traded at $43.6670, with a volume of 7,750,463 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. JPMorgan Chase & Co. lifted their target price on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, November 24th. Finally, Citizens Jmp set a $80.00 target price on shares of IREN in a report on Wednesday, November 19th. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $71.69.

IREN Price Performance

The firm has a market capitalization of $14.19 billion, a PE ratio of 32.12 and a beta of 4.31. The stock’s 50 day simple moving average is $46.64 and its two-hundred day simple moving average is $46.97. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. The business’s revenue was down 23.1% compared to the same quarter last year. On average, sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Mirae Asset Global Investments Co. Ltd. purchased a new position in IREN during the third quarter worth about $1,854,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of 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 during the period. Meridian Wealth Management LLC acquired a new stake in shares of IREN during the 3rd quarter worth approximately $2,995,000. Hood River Capital Management LLC acquired a new stake in shares of IREN during the 2nd quarter worth approximately $74,228,000. Finally, Beryl Capital Management LLC purchased a new stake in shares of IREN during the 2nd quarter valued at approximately $5,828,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.