IREN (NASDAQ:IREN) Shares Down 6.8% – Here’s Why

IREN Limited (NASDAQ:IREN)’s share price traded down 6.8% during mid-day trading on Friday . The company traded as low as $58.38 and last traded at $62.38. 52,616,322 shares changed hands during trading, an increase of 114% from the average session volume of 24,614,830 shares. The stock had previously closed at $66.96.

Wall Street Analyst Weigh In

Several brokerages have recently commented on IREN. Zacks Research downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Jones Trading cut shares of IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. UBS Group reissued a “buy” rating on shares of IREN in a research report on Friday. HC Wainwright raised their target price on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research note on Tuesday. Finally, Macquarie boosted their target price on IREN to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, IREN has an average rating of “Hold” and an average target price of $65.25.

IREN Price Performance

The firm has a market cap of $16.97 billion, a P/E ratio of 105.73 and a beta of 4.21. The company has a fifty day moving average of $49.18 and a 200-day moving average of $25.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29.

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

Insider Transactions at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in shares of IREN in the 3rd quarter worth approximately $25,000. SLT Holdings LLC lifted its holdings in IREN by 6.0% during the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock valued at $497,000 after purchasing an additional 600 shares during the last quarter. Drive Wealth Management LLC boosted its position in IREN by 3.0% during the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock worth $596,000 after purchasing an additional 1,179 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of IREN by 5.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,393 shares of the company’s stock valued at $1,051,000 after purchasing an additional 1,233 shares during the period. Finally, Sherman Asset Management Inc. bought a new stake in IREN during the 3rd quarter valued at $59,000. 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.