IREN (NASDAQ:IREN) Shares Down 8.4% – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price was down 8.4% on Wednesday . The company traded as low as $48.84 and last traded at $50.1160. 37,827,365 shares were traded during trading, a decline of 10% from the average session volume of 42,142,602 shares. The stock had previously closed at $54.72.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. BTIG Research lifted their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group assumed coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective on the stock. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research note on Wednesday, May 27th. Finally, HC Wainwright lifted their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Stock Performance

The stock has a 50 day moving average of $55.11 and a two-hundred day moving average of $47.56. The stock has a market capitalization of $17.91 billion, a PE ratio of 104.41 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. Research analysts expect that IREN Limited will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Large investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC lifted its stake in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN in the fourth quarter valued at about $26,000. Clearstead Trust LLC purchased a new position in IREN in the fourth quarter valued at about $27,000. Aventura Private Wealth LLC acquired a new stake in shares of IREN during the 4th quarter valued at approximately $28,000. Finally, Motco acquired a new stake in shares of IREN during the 4th quarter valued at approximately $30,000. 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.