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

IREN Limited (NASDAQ:IREN)’s share price traded down 4.9% during trading on Monday . The company traded as low as $39.60 and last traded at $39.81. 31,170,042 shares traded hands during 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

A number of research analysts have issued reports on IREN shares. HC Wainwright upped their price objective on IREN from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group reiterated a “neutral” rating on shares of IREN in a research note on Monday, July 20th. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. Compass Point restated a “buy” rating on shares of IREN in a research report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. raised their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

IREN Trading Down 4.9%

The company has a market cap of $14.23 billion, a P/E ratio of 82.94 and a beta of 4.29. 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’s 50-day moving average price is $43.20 and its 200-day moving average price is $45.73.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its position in shares of IREN by 6,197.8% during the 2nd quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock valued at $1,050,102,000 after purchasing an additional 22,598,469 shares in the last quarter. Ameritas Advisory Services LLC boosted its stake in shares of IREN by 185.9% in the 2nd quarter. Ameritas Advisory Services LLC now owns 35,304 shares of the company’s stock valued at $1,614,000 after purchasing an additional 22,954 shares in the last quarter. HB Wealth Management LLC bought a new position in shares of IREN during the second quarter valued at about $327,000. Chico Wealth RIA grew its position in IREN by 5.7% during the 2nd quarter. Chico Wealth RIA now owns 31,714 shares of the company’s stock worth $1,450,000 after acquiring an additional 1,714 shares during the last quarter. Finally, FirstWave Capital Management LLC increased its stake in shares of IREN by 4.1% in the second quarter. FirstWave Capital Management LLC now owns 123,456 shares of the company’s stock worth $5,646,000 after buying an additional 4,842 shares during the period. 41.08% of the stock is currently owned by institutional investors.

About IREN

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.