IREN (NASDAQ:IREN) Shares Down 6.1% - Here's Why

Key Points

• IREN Limited's shares fell by 6.1% on Wednesday, with trading volume increasing by 123% compared to its average daily volume.
• Analysts have mixed ratings on IREN, with a consensus rating of "Moderate Buy" and a current average price target of $51.64.
• CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, decreasing his position by 6.67%.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were down 6.1% on Wednesday . The company traded as low as $48.20 and last traded at $51.83. Approximately 52,872,537 shares traded hands during trading, an increase of 123% from the average daily volume of 23,722,939 shares. The stock had previously closed at $55.19.

Analyst Ratings Changes

A number of analysts have weighed in on IREN shares. Weiss Ratings reissued a "hold (c-)" rating on shares of IREN in a report on Wednesday, October 8th. HC Wainwright raised their price objective on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Canaccord Genuity Group raised their price objective on shares of IREN from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Finally, Arete began coverage on shares of IREN in a report on Wednesday, September 24th. They set a "buy" rating and a $78.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.64.

IREN Stock Down 6.1%

The business's fifty day moving average price is $39.04 and its 200 day moving average price is $20.82. The firm has a market capitalization of $14.10 billion, a price-to-earnings ratio of 87.85 and a beta of 4.19. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 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 analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. On average, equities analysts expect 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 business'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 transaction, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.02% of the company's stock.

Hedge Funds Weigh In On IREN

Several institutional investors have recently bought and sold shares of IREN. Hood River Capital Management LLC acquired a new position in IREN in the 2nd quarter valued at $74,228,000. Situational Awareness LP acquired a new position in IREN in the 1st quarter valued at $20,500,000. Merewether Investment Management LP purchased a new stake in shares of IREN during the 2nd quarter worth $21,025,000. Alkeon Capital Management LLC purchased a new stake in shares of IREN during the 2nd quarter worth $14,570,000. Finally, Invesco Ltd. boosted its position in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock worth $43,341,000 after purchasing an additional 936,333 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.