IREN (NASDAQ:IREN) Shares Down 5.5% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares traded down 5.5% during trading on Monday. The stock traded as low as $41.70 and last traded at $41.72. Approximately 26,105,671 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 42,464,727 shares. The stock had previously closed at $44.13.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on IREN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $79.00 price target on shares of IREN in a report on Friday, August 28th. JPMorgan Chase & Co. upgraded IREN from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $46.00 to $65.00 in a research note on Monday, September 14th. Citigroup reiterated a “market outperform” rating on shares of IREN in a research report on Friday, August 28th. Compass Point reaffirmed a “buy” rating and set a $85.00 target price on shares of IREN in a report on Friday, August 28th. Finally, B. Riley Financial dropped their price objective on shares of IREN from $96.00 to $91.00 and set a “buy” rating for the company in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

IREN Price Performance

The stock has a market cap of $16.31 billion, a PE ratio of -17.68 and a beta of 4.28. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80. The company has a fifty day moving average of $41.46 and a 200-day moving average of $45.83.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Andra AP fonden purchased a new position in shares of IREN during the second quarter worth about $218,000. SkyView Investment Advisors LLC purchased a new stake in shares of IREN in the second quarter valued at about $823,000. Sequoia Financial Advisors LLC purchased a new position in shares of IREN during the second quarter worth about $263,000. MCF Advisors LLC grew its holdings in shares of IREN by 5,159.1% during the second quarter. MCF Advisors LLC now owns 1,157 shares of the company’s stock worth $53,000 after buying an additional 1,135 shares during the last quarter. Finally, National Pension Service acquired a new position in IREN in the 2nd quarter valued at about $1,213,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.