IREN (NASDAQ:IREN) Shares Down 1.3% – Here’s Why
by Tristan Rich · The Markets DailyIREN Limited (NASDAQ:IREN – Get Free Report)’s stock price was down 1.3% during trading on Thursday . The stock traded as low as $39.83 and last traded at $41.66. Approximately 23,791,049 shares traded hands during trading, a decline of 40% from the average daily volume of 39,785,262 shares. The stock had previously closed at $42.21.
Analysts Set New Price Targets
Several research firms have issued reports on IREN. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 13th. Cantor Fitzgerald dropped their price objective on IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, The Goldman Sachs Group began coverage on IREN in a research report on Thursday, December 18th. They set a “neutral” rating and a $39.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.69.
View Our Latest Stock Analysis on IREN
IREN Trading Down 0.8%
The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $13.73 billion, a P/E ratio of 31.07 and a beta of 4.31. The firm’s 50-day simple moving average is $46.37 and its 200-day simple moving average is $47.12.
IREN (NASDAQ:IREN – Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. Analysts anticipate that IREN Limited will post 0.43 EPS for the current year.
Institutional Investors Weigh In On IREN
A number of large investors have recently added to or reduced their stakes in the company. Purpose Unlimited Inc. bought a new position in shares of IREN during the 4th quarter valued at about $34,000. Corient Private Wealth LLC bought a new stake in IREN in the 4th quarter worth approximately $220,000. Caitong International Asset Management Co. Ltd boosted its stake in IREN by 134,143.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 251,035 shares of the company’s stock worth $9,482,000 after buying an additional 250,848 shares in the last quarter. Kera Capital Partners Inc. bought a new position in IREN during the fourth quarter valued at approximately $167,000. Finally, Walser Wealth Management Company A Ltd Liability Co bought a new position in IREN during the fourth quarter valued at approximately $246,000. 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.