IREN (NASDAQ:IREN) Trading Down 1.4% – Here’s Why

IREN Limited (NASDAQ:IREN) dropped 1.4% during mid-day trading on Wednesday . The company traded as low as $37.20 and last traded at $37.77. Approximately 20,852,254 shares traded hands during trading, a decline of 20% from the average daily volume of 26,189,211 shares. The stock had previously closed at $38.30.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IREN. JPMorgan Chase & Co. increased their target price on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. Macquarie raised their price objective on shares of IREN to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. HC Wainwright boosted their target price on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a report on Tuesday, November 4th. Sanford C. Bernstein restated an “outperform” rating and set a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Finally, Arete Research initiated coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.64.

IREN Stock Performance

The stock has a market cap of $10.71 billion, a price-to-earnings ratio of 19.47 and a beta of 4.23. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a fifty day simple moving average of $49.36 and a 200-day simple moving average of $35.76.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in IREN in the third quarter valued at approximately $25,000. Allianz SE bought a new stake in shares of IREN during the 3rd quarter valued at $57,000. Sherman Asset Management Inc. acquired a new position in shares of IREN in the 3rd quarter valued at $59,000. Banque Cantonale Vaudoise acquired a new position in shares of IREN in the 3rd quarter valued at $67,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of IREN in the 3rd quarter worth $74,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.