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

Shares of IREN Limited (NASDAQ:IREN) dropped 1.7% on Tuesday . The company traded as low as $63.30 and last traded at $66.63. Approximately 45,258,905 shares traded hands during trading, an increase of 87% from the average daily volume of 24,233,986 shares. The stock had previously closed at $67.75.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of recent research reports. HC Wainwright reissued a “sell” rating on shares of IREN in a research report on Tuesday. Compass Point initiated coverage on IREN in a research report on Monday, September 15th. They set a “buy” rating on the stock. Zacks Research downgraded IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Macquarie lifted their target price on IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Jones Trading downgraded IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, IREN currently has an average rating of “Hold” and an average price target of $60.64.

IREN Stock Down 1.7%

The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $46.35 and a two-hundred day simple moving average of $24.52. The company has a market capitalization of $18.12 billion, a price-to-earnings ratio of 112.93 and a beta of 4.21.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. Equities analysts expect that IREN Limited will post 0.43 EPS for the current year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IREN. Global Retirement Partners LLC bought a new position in shares of IREN in the third quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of IREN during the 1st quarter valued at $40,000. Delta Financial Group Inc. bought a new stake in shares of IREN during the 1st quarter valued at $61,000. R Squared Ltd raised its position in shares of IREN by 170.1% during the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after acquiring an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of IREN by 68.4% during the 2nd 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 during the last quarter. 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.