IREN (NASDAQ:IREN) Shares Down 4.4% – Here’s Why

Shares of IREN Limited (NASDAQ:IREN) traded down 4.4% during trading on Tuesday . The company traded as low as $42.57 and last traded at $42.96. 27,753,444 shares changed hands during trading, a decline of 31% from the average session volume of 40,344,797 shares. The stock had previously closed at $44.94.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of IREN in a report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target on the stock. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 9th. Canaccord Genuity Group reissued a “buy” rating and set a $70.00 target price on shares of IREN in a research note on Tuesday, February 10th. Citizens Jmp set a $80.00 target price on IREN in a report on Wednesday, November 19th. Finally, JPMorgan Chase & Co. raised their target price on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Price Performance

The stock has a market capitalization of $13.85 billion, a PE ratio of 31.34 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock’s 50-day moving average is $46.55 and its 200 day moving average is $47.06.

IREN (NASDAQ:IREN) last issued its 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 for the quarter, compared to analyst estimates of $229.64 million. IREN’s quarterly revenue was down 23.1% on a year-over-year basis. As a group, equities analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several institutional investors have recently made changes to their positions in the company. Hood River Capital Management LLC acquired a new position in IREN in the second quarter worth approximately $74,228,000. Marex Group plc lifted its stake in IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in IREN in the fourth quarter valued at approximately $158,677,000. Clear Street Group Inc. bought a new stake in IREN in the fourth quarter worth approximately $137,075,000. Finally, Situational Awareness LP grew its position in IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after acquiring an additional 3,034,254 shares in the last quarter. 41.08% of the stock is currently 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.