IREN (NASDAQ:IREN) Trading Down 1.7% – Here’s What Happened

by · The Markets Daily

IREN Limited (NASDAQ:IREN – Get Free Report) shares fell 1.7% during trading on Tuesday . The stock traded as low as $63.30 and last traded at $66.63. 45,258,905 shares were traded during mid-day trading, an increase of 87% from the average session volume of 24,233,986 shares. The stock had previously closed at $67.75.

Wall Street Analyst Weigh In

Several research firms recently commented on IREN. Compass Point assumed coverage on IREN in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Cantor Fitzgerald lifted their price target on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. BTIG Research raised their price objective on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, HC Wainwright reissued a “sell” rating on shares of IREN in a research note on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.64.

Read Our Latest Stock Analysis on IREN

IREN Price Performance

The stock has a fifty day moving average price of $46.35 and a 200-day moving average price of $24.52. The company has a market cap of $18.12 billion, a PE ratio of 112.93 and a beta of 4.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29.

IREN (NASDAQ:IREN – Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. On average, equities analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IREN

Several institutional investors have recently bought and sold shares of IREN. Hood River Capital Management LLC bought a new position in IREN during the second quarter valued at about $74,228,000. Situational Awareness LP acquired a new stake in shares of IREN in the first quarter valued at about $20,500,000. Merewether Investment Management LP acquired a new stake in shares of IREN in the second quarter valued at about $21,025,000. Alkeon Capital Management LLC acquired a new stake in shares of IREN in the second quarter valued at about $14,570,000. Finally, Invesco Ltd. grew its position in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after purchasing an additional 936,333 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

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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