IREN (NASDAQ:IREN) Shares Down 4.7% - What's Next?

Key Points

• IREN Limited's stock price has declined by 4.7%, trading as low as $58.15, with a significant drop in trading volume compared to its average.
• Analysts have raised their price targets for IREN, with an average target price of $47.73 and a consensus rating of "Moderate Buy" based on recent upgrades from various firms.
• CEO Daniel John Roberts sold 1 million shares of IREN for approximately $33 million, reducing his ownership stake in the company by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report) fell 4.7% during mid-day trading on Wednesday . The stock traded as low as $58.15 and last traded at $58.80. 10,970,001 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 22,141,400 shares. The stock had previously closed at $61.68.

Analysts Set New Price Targets

Several research firms recently issued reports on IREN. BTIG Research raised their target price on IREN from $22.00 to $32.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Cantor Fitzgerald lifted their price objective on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Macquarie lifted their price objective on IREN from $33.00 to $55.00 and gave the company an "outperform" rating in a research report on Monday, September 29th. B. Riley lifted their price objective on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Arete assumed coverage on IREN in a research report on Wednesday, September 24th. They set a "buy" rating and a $78.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.73.

IREN Stock Down 1.2%

The company's fifty day moving average price is $30.03 and its 200-day moving average price is $16.95. The stock has a market capitalization of $16.58 billion, a PE ratio of 102.72 and a beta of 4.19. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.

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

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 21.55% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. raised its stake in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock worth $66,000 after purchasing an additional 1,839 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of IREN in the first quarter worth $39,000. Quarry LP purchased a new position in shares of IREN in the first quarter worth $40,000. Delta Financial Group Inc. purchased a new position in shares of IREN in the first quarter worth $61,000. Finally, SLT Holdings LLC purchased a new position in shares of IREN in the second quarter worth $146,000. 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.

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