IREN Limited (NASDAQ:IREN – Get Free Report) traded down 5.2% on Monday . The company traded as low as $56.30 and last traded at $56.87. 34,700,009 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 42,263,570 shares. The stock had previously closed at $59.96.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. BTIG Research lifted their price objective on IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group started coverage on IREN in a research report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. Freedom Capital raised IREN to a “hold” rating in a research note on Wednesday, April 1st. Cantor Fitzgerald boosted their price target on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, HC Wainwright boosted their price target on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Fourteen 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 company’s stock. According to data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average target price of $82.36.
View Our Latest Report on IREN
IREN Stock Performance
IREN (NASDAQ:IREN – Get Free Report) last posted its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. Sell-side analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC lifted its holdings in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new position in shares of IREN in the fourth quarter valued at approximately $28,000. Finally, Motco bought a new position in shares of IREN in the fourth quarter valued at approximately $30,000. 41.08% of the stock is owned by institutional investors.
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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