IREN (NASDAQ:IREN) Shares Down 8.7% – Here’s What Happened

by · The Cerbat Gem

IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price dropped 8.7% during trading on Friday . The company traded as low as $39.32 and last traded at $40.13. Approximately 35,224,665 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 26,058,117 shares. The stock had previously closed at $43.94.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IREN. Canaccord Genuity Group lifted their price objective on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Macquarie lifted their target price on IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 target price on shares of IREN in a research note on Thursday, September 25th. Arete Research assumed coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. Finally, Zacks Research lowered shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and a consensus target price of $69.85.

View Our Latest Report on IREN

IREN Stock Performance

The firm has a market capitalization of $11.38 billion, a P/E ratio of 20.69 and a beta of 4.23. The stock’s 50 day moving average is $55.05 and its two-hundred day moving average is $32.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

Hedge Funds Weigh In On IREN

Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE bought a new position in IREN during the 1st quarter worth $69,000. Charles Schwab Investment Management Inc. lifted its position in shares of IREN by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock valued at $4,927,000 after acquiring an additional 98,190 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of IREN by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock valued at $123,000 after acquiring an additional 2,035 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of IREN in the first quarter valued at approximately $169,000. Finally, Wellington Management Group LLP boosted its stake in shares of IREN by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after buying an additional 1,387 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

About IREN

(Get Free Report)

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.

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