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

IREN Limited (NASDAQ:IREN) gapped down prior to trading on Thursday . The stock had previously closed at $55.70, but opened at $52.75. IREN shares last traded at $52.1280, with a volume of 9,456,913 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IREN. Zacks Research cut IREN from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Canaccord Genuity Group boosted their price objective on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday. HC Wainwright increased their price objective on shares of IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, November 4th. Sanford C. Bernstein restated an “outperform” rating and set a $75.00 target price on shares of IREN in a report on Thursday, September 25th. Finally, UBS Group reissued a “buy” rating on shares of IREN in a research report on Friday, November 7th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, IREN has an average rating of “Hold” and a consensus target price of $67.58.

IREN Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company has a market capitalization of $13.55 billion, a PE ratio of 26.27 and a beta of 4.21. The company has a 50 day moving average price of $51.69 and a 200 day moving average price of $27.21.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $187.51 million. Equities analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Insider Buying and Selling

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 stock was 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. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.02% of the stock is currently owned by corporate insiders.

Institutional Trading of IREN

Institutional investors and hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC acquired a new stake in IREN during the second quarter worth about $74,228,000. Situational Awareness LP bought a new stake in shares of IREN in the 1st quarter worth approximately $20,500,000. Merewether Investment Management LP acquired a new position in IREN during the 2nd quarter valued at approximately $21,025,000. Alkeon Capital Management LLC acquired a new position in IREN during the 2nd quarter valued at approximately $14,570,000. Finally, Invesco Ltd. grew its stake in IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after buying an additional 936,333 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.