IREN (NASDAQ:IREN) Shares Down 3.5% - Here's What Happened

Key Points

• IREN shares fell 3.5% on Monday to $60.17 (intraday low $59.78) on heavy volume of ~39.0 million shares, about 58% above the average daily volume.
• Several analysts have lifted price targets (e.g., Canaccord to $70, Macquarie to $86, Arete to $78), but MarketBeat’s consensus rating remains a Hold with a $67.58 target price.
• CEO Daniel John Roberts sold 1,000,000 shares in September at an average of $33.13, and corporate insiders now own about 5.02% of the company’s stock.

IREN Limited (NASDAQ:IREN - Get Free Report) shares dropped 3.5% during trading on Monday . The stock traded as low as $59.78 and last traded at $60.17. Approximately 39,020,554 shares traded hands during trading, an increase of 58% from the average daily volume of 24,684,232 shares. The stock had previously closed at $62.38.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of research analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of IREN in a research report on Wednesday, October 8th. Canaccord Genuity Group increased their price target on IREN from $42.00 to $70.00 and gave the company a "buy" rating in a research note on Monday. Macquarie lifted their price objective on IREN to $86.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 22nd. Cantor Fitzgerald upped their price objective on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Finally, Arete Research assumed coverage on IREN in a research report on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, IREN currently has a consensus rating of "Hold" and a consensus target price of $67.58.

IREN Trading Down 3.5%

The company has a 50-day moving average of $49.90 and a 200 day moving average of $26.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The company has a market cap of $16.37 billion, a PE ratio of 31.02 and a beta of 4.21.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. Analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Apollon Wealth Management LLC lifted its holdings in shares of IREN by 28.9% in the 1st quarter. Apollon Wealth Management LLC now owns 20,471 shares of the company's stock worth $125,000 after acquiring an additional 4,587 shares during the last quarter. Private Advisor Group LLC grew its holdings in IREN by 4,075.5% during the 1st quarter. Private Advisor Group LLC now owns 508,118 shares of the company's stock valued at $3,094,000 after purchasing an additional 495,949 shares during the last quarter. Phoenix Financial Ltd. raised its position in IREN by 25.6% in the 1st quarter. Phoenix Financial Ltd. now owns 60,990 shares of the company's stock worth $373,000 after purchasing an additional 12,431 shares during the period. Maridea Wealth Management LLC lifted its stake in IREN by 57.1% in the first quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company's stock worth $1,950,000 after purchasing an additional 116,408 shares during the last quarter. Finally, US Bancorp DE bought a new stake in IREN in the first quarter worth about $69,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.