IREN (NASDAQ:IREN) Shares Down 3% - Here's Why

Key Points

• Shares down 3% — IREN traded as low as $39.70 and last at $40.97 on Tuesday, with volume of ~22.7M shares, roughly 49% below its average daily trading volume.
• Quarterly results missed estimates — IREN reported EPS of ($0.44) versus a ($0.07) consensus and revenue of $184.7M versus $229.6M, a 23.1% year‑over‑year revenue decline.
• Analyst sentiment is mixed but tilted positive — the consensus is a "Moderate Buy" (13 Buys, 4 Holds, 1 Sell) with an average price target of $71.69, despite divergent recent calls ranging from JPMorgan's underweight/$39 target to HC Wainwright's buy/$80 target.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price dropped 3% during trading on Tuesday . The stock traded as low as $39.70 and last traded at $40.97. Approximately 22,728,559 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 44,323,152 shares. The stock had previously closed at $42.22.

Wall Street Analyst Weigh In

A number of analysts recently commented on IREN shares. JPMorgan Chase & Co. upped their price objective on shares of IREN from $28.00 to $39.00 and gave the company an "underweight" rating in a research report on Monday, November 24th. Wall Street Zen cut IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. Citizens Jmp set a $80.00 price target on IREN in a report on Wednesday, November 19th. Canaccord Genuity Group reiterated a "buy" rating and set a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Finally, HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective for the company in a research report on Tuesday, January 13th. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, IREN has an average rating of "Moderate Buy" and an average target price of $71.69.

IREN Stock Down 3.0%

The firm has a market cap of $11.61 billion, a P/E ratio of 30.80 and a beta of 4.27. 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 fifty day moving average of $46.20 and a 200-day moving average of $43.85.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The company's quarterly revenue was down 23.1% on a year-over-year basis. On average, equities research analysts anticipate that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in IREN. Vanguard Personalized Indexing Management LLC increased its stake in IREN by 16.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,160 shares of the company's stock valued at $308,000 after acquiring an additional 2,952 shares during the last quarter. Allianz Asset Management GmbH bought a new position in shares of IREN in the 2nd quarter valued at $10,743,000. Chicago Partners Investment Group LLC increased its holdings in IREN by 14.4% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 75,508 shares of the company's stock worth $1,100,000 after purchasing an additional 9,492 shares in the last quarter. Drive Wealth Management LLC boosted its stake in shares of IREN by 3.0% during the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company's stock valued at $596,000 after purchasing an additional 1,179 shares in the last quarter. Finally, Envestnet Asset Management Inc. acquired a new position in shares of IREN in the second quarter valued at approximately $255,000. 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.

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