IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price dropped 3.8% on Tuesday . The company traded as low as $52.75 and last traded at $54.72. 32,033,076 shares were traded during mid-day trading, a decline of 24% from the average session volume of 42,145,555 shares. The stock had previously closed at $56.87.
Analyst Ratings Changes
A number of research firms have commented on IREN. HC Wainwright raised their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. The Goldman Sachs Group set a $50.00 price objective on shares of IREN in a report on Wednesday, May 27th. Canaccord Genuity Group boosted their price objective on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. B. Riley Financial increased their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein set a $96.00 price target on IREN in a report on Thursday, June 4th. Fourteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, IREN currently has an average rating of “Moderate Buy” and an average target price of $82.36.
Read Our Latest Stock Report on IREN
IREN Price Performance
IREN (NASDAQ:IREN – Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts forecast that IREN Limited will post -1.25 EPS for the current year.
Institutional Trading of IREN
Large investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. raised its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after purchasing an additional 19,423 shares during the period. Sanctuary Advisors LLC grew its holdings in IREN by 282.2% in the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after purchasing an additional 34,129 shares during the period. Avaii Wealth Management LLC increased its position in shares of IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after buying an additional 98,581 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of IREN by 12.7% during the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock worth $36,684,000 after buying an additional 88,081 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of IREN during the 4th quarter valued at approximately $939,000. 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.
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