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

IREN Limited (NASDAQ:IREN)’s share price fell 1.7% during trading on Wednesday . The company traded as low as $64.46 and last traded at $65.48. 58,435,264 shares traded hands during mid-day trading, an increase of 39% from the average session volume of 42,131,348 shares. The stock had previously closed at $66.60.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN secured a transmission connection agreement for its planned 800MW Australia data center campus, a major step toward expanding its AI infrastructure footprint and supporting future growth. IREN signs transmission deal for planned 800MW data center campus in South Australia
• Positive Sentiment: B. Riley raised its price target on IREN to $96 from $88 and reiterated a buy rating, signaling continued analyst confidence after the Australia deal. B. Riley raises IREN price target to $96 after 800 MW South Australia data center agreement
• Positive Sentiment: Coverage highlighted IREN’s growing appeal as an AI powerhouse, with the company increasingly viewed as a power-and-data-center play rather than just a crypto miner. IREN Limited: An AI Powerhouse In Play
• Positive Sentiment: Recent commentary pointed to IREN’s first-quarter results and a new partnership with Nvidia as reasons the stock rallied sharply in May, reinforcing optimism around the AI transition. Why IREN Limited Rallied Almost 40% in May
• Neutral Sentiment: Several market writeups listed IREN among notable bitcoin and mining stocks to watch, but these were broad screeners and did not add a specific company catalyst. Promising Bitcoin Stocks To Consider – June 2nd
• Negative Sentiment: Some traders remain focused on IREN’s volatility and exposure to bitcoin, and one update cited selling pressure as crypto-linked stocks weakened amid a bitcoin pullback. Why Is IREN Stock Falling On Thursday?
• Negative Sentiment: Recent bearish commentary also noted that IREN’s legacy mining revenues remain under pressure, with concerns about impairment charges and heavy competition in AI data centers. IREN Stock Rises 60% in 3 Months: Time to Hold or Book Profits?

Analyst Ratings Changes

Several research analysts have issued reports on the stock. BTIG Research raised their price objective on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a report on Wednesday, May 27th. Canaccord Genuity Group increased their target price on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Finally, B. Riley Financial upped their price objective on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday. Thirteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.62.

IREN Price Performance

The company has a 50-day moving average of $49.56 and a two-hundred day moving average of $46.55. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market capitalization of $20.25 billion, a PE ratio of 117.76 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Sell-side analysts predict that IREN Limited will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. raised its stake in shares of IREN by 45.9% during 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 period. StoneX Group Inc. acquired a new position in shares of IREN in the second quarter worth about $158,000. NewEdge Advisors LLC grew its holdings in IREN by 245.0% during the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after acquiring an additional 30,736 shares in the last quarter. Sei Investments Co. bought a new stake in shares of IREN in the 2nd quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp increased its position in shares of IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after purchasing an additional 4,200 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Company Profile

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.