IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price dropped 2.7% during mid-day trading on Tuesday . The company traded as low as $58.94 and last traded at $59.18. Approximately 31,559,271 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 42,371,977 shares. The stock had previously closed at $60.85.
More IREN News
Here are the key news stories impacting IREN this week:
- Positive Sentiment: IREN completed the Nostrum acquisition, adding 490MW of secured AI data center capacity in Spain and strengthening its European expansion strategy. IREN Completes Acquisition of Nostrum Group Expanding AI Cloud Platform to Europe
- Positive Sentiment: The deal gives IREN a local team and development pipeline, which may help accelerate buildout and execution in a fast-growing European AI infrastructure market. IREN Limited Completes Acquisition of Ingenostrum, S.L., Expanding AI Infrastructure in Europe
- Neutral Sentiment: Additional coverage from data center and crypto-mining outlets highlighted the same acquisition and IREN’s continued shift into AI infrastructure, but did not add materially new facts. Iren completes acquisition of Spanish data center developer Nostrum
- Negative Sentiment: IREN still faces execution risk as it integrates the acquisition and works to develop new capacity, with forward-looking statements warning that growth plans may not be achieved as expected.
Analysts Set New Price Targets
IREN has been the topic of a number of recent research reports. Freedom Capital raised IREN to a “hold” rating in a research report on Wednesday, April 1st. HC Wainwright lifted their target price on IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. BTIG Research lifted their target price on IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Canaccord Genuity Group lifted their target price on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.
IREN Trading Down 2.7%
The business has a 50-day simple moving average of $52.51 and a two-hundred day simple moving average of $47.06. The stock has a market cap of $21.15 billion, a price-to-earnings ratio of 123.29 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.
IREN (NASDAQ:IREN – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Equities analysts forecast that IREN Limited will post -1.25 EPS for the current fiscal year.
Hedge Funds Weigh In On IREN
Institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of IREN by 45.9% in 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 last quarter. StoneX Group Inc. acquired a new position in shares of IREN in the second quarter valued at approximately $158,000. NewEdge Advisors LLC grew its position in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after purchasing an additional 30,736 shares during the last quarter. Sei Investments Co. acquired a new position in shares of IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp grew its position in shares of IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.
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.
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