IREN (NASDAQ:IREN) Trading Down 3.7% – Here’s Why

by · The Cerbat Gem

Shares of IREN Limited (NASDAQ:IREN – Get Free Report) dropped 3.7% on Friday . The company traded as low as $44.05 and last traded at $44.71. Approximately 27,483,353 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 25,952,979 shares. The stock had previously closed at $46.45.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IREN. Zacks Research cut IREN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. BTIG Research raised their target price on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Arete started coverage on IREN in a research note on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price target for the company. B. Riley reiterated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Finally, JMP Securities set a $80.00 price objective on shares of IREN in a report on Wednesday, November 19th. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.43.

View Our Latest Analysis on IREN

IREN Stock Down 3.7%

The company has a market capitalization of $12.67 billion, a P/E ratio of 23.05 and a beta of 4.23. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The firm has a fifty day simple moving average of $55.11 and a 200-day simple moving average of $31.46.

Insider Transactions at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC acquired a new stake in shares of IREN in the 2nd quarter valued at about $74,228,000. Situational Awareness LP bought a new position in shares of IREN during the first quarter worth about $20,500,000. Voloridge Investment Management LLC grew its holdings in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after buying an additional 1,545,579 shares in the last quarter. Marshall Wace LLP raised its position in IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after buying an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in IREN in the 2nd quarter valued at approximately $21,025,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Company Profile

(Get Free Report)

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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