IREN (NASDAQ:IREN) Shares Down 2.3% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price dropped 2.3% on Monday . The stock traded as low as $39.06 and last traded at $39.3840. Approximately 21,785,382 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 26,238,482 shares. The stock had previously closed at $40.30.

Analysts Set New Price Targets

IREN has been the topic of a number of research analyst reports. B. Riley restated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Jones Trading lowered shares of IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Roth Capital set a $94.00 target price on shares of IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Arete Research initiated coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price target for the company. Finally, Canaccord Genuity Group boosted their price target on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Twelve investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.64.

IREN Trading Down 2.3%

The company has a 50 day moving average of $50.09 and a 200-day moving average of $35.35. The stock has a market cap of $11.16 billion, a price-to-earnings ratio of 20.30 and a beta of 4.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in IREN during the 3rd quarter worth approximately $25,000. Quarry LP acquired a new position in shares of IREN in the first quarter worth $40,000. Allianz SE acquired a new position in shares of IREN in the third quarter worth $57,000. Sherman Asset Management Inc. purchased a new stake in shares of IREN during the third quarter worth $59,000. Finally, Advisors Asset Management Inc. raised its stake in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after acquiring an additional 1,839 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.