IREN (NASDAQ:IREN) Stock Price Down 3.7% – What’s Next?

by · The Markets Daily

IREN Limited (NASDAQ:IREN – Get Free Report)’s stock price dropped 3.7% during mid-day trading on Friday . The company traded as low as $44.05 and last traded at $44.71. Approximately 27,483,353 shares traded 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.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on IREN shares. HC Wainwright raised their price target on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a research report on Tuesday, November 4th. Canaccord Genuity Group increased their target price on IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, November 10th. BTIG Research lifted their price target on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. Finally, Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Twelve investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.85.

View Our Latest Stock Report on IREN

IREN Trading Down 3.7%

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 market capitalization of $12.67 billion, a price-to-earnings ratio of 23.05 and a beta of 4.23. The business has a 50-day moving average of $55.17 and a two-hundred day moving average of $31.87.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was 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. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Institutional investors have recently bought and sold shares of the business. Hood River Capital Management LLC acquired a new position in shares of IREN in the 2nd quarter valued at $74,228,000. Situational Awareness LP acquired a new stake in shares of IREN during the 1st quarter valued at about $20,500,000. Voloridge Investment Management LLC increased its stake in IREN by 1,444.5% in the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after acquiring an additional 1,545,579 shares during the period. Marshall Wace LLP increased its stake in IREN by 247.7% in the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after acquiring an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP acquired a new position in IREN in the second quarter worth about $21,025,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

(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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