IREN (NASDAQ:IREN) Shares Down 2.5% - Here's What Happened

Key Points

• IREN Limited's stock experienced a 2.5% drop on Monday, trading as low as $57.43 before recovering slightly to $59.22, with a notable increase in trading volume.
• Analysts have given mixed reviews, with Jones Trading downgrading to a "hold" rating while Canaccord Genuity Group raised the target price and maintained a "buy" rating.
• CEO Daniel John Roberts sold 1,000,000 shares of IREN stock for a total of $33,130,000, representing a 6.67% decrease in his position.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price dropped 2.5% on Monday . The stock traded as low as $57.43 and last traded at $59.22. Approximately 34,601,915 shares traded hands during mid-day trading, an increase of 47% from the average daily volume of 23,487,482 shares. The stock had previously closed at $60.72.

Analyst Upgrades and Downgrades

IREN has been the subject of several recent analyst reports. Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Canaccord Genuity Group increased their target price on shares of IREN from $37.00 to $42.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Weiss Ratings restated a "hold (c-)" rating on shares of IREN in a research report on Wednesday, October 8th. Macquarie upped their price target on shares of IREN from $33.00 to $55.00 and gave the company an "outperform" rating in a research report on Monday, September 29th. Finally, Arete Research initiated coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price target for the company. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.64.

IREN Trading Down 2.5%

The company's 50 day moving average price is $38.30 and its 200 day moving average price is $20.58. The company has a market cap of $16.11 billion, a price-to-earnings ratio of 100.37 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Research analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

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 on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.02% of the stock is owned by corporate insiders.

Institutional Trading of IREN

Several institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC acquired a new position in IREN in the first quarter valued at about $39,000. Quarry LP bought a new stake in shares of IREN during the first quarter worth approximately $40,000. Delta Financial Group Inc. bought a new stake in shares of IREN during the first quarter worth approximately $61,000. R Squared Ltd raised its stake in shares of IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after buying an additional 6,480 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after purchasing an additional 1,839 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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