IREN (NASDAQ:IREN) Shares Down 6.3% - What's Next?

Key Points

• Shares dropped 6.3% on Friday to $35.09 (intraday low $34.56) on volume of 27.8 million shares, about 29% below the average session volume.
• IREN missed quarterly expectations, reporting EPS of ($0.44) vs. a ($0.07) estimate and revenue of $184.69 million versus $229.64 million, with revenue down 23.1% year‑over‑year.
• Analysts remain broadly positive with a consensus rating of "Moderate Buy" and an average target price of $71.69 (13 Buys, 4 Holds, 1 Sell), while institutional investors hold about 41.08% of the stock.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) fell 6.3% on Friday . The stock traded as low as $34.56 and last traded at $35.09. 27,829,501 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 39,121,566 shares. The stock had previously closed at $37.45.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Zacks Research raised IREN from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 16th. The Goldman Sachs Group started coverage on IREN in a report on Thursday, December 18th. They issued a "neutral" rating and a $39.00 price objective on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $70.00 price objective on shares of IREN in a research report on Tuesday, February 10th. HC Wainwright upgraded shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 target price for the company in a research note on Tuesday, January 13th. Finally, B. Riley Financial reissued a "buy" rating on shares of IREN in a research report on Friday, February 6th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $71.69.

IREN Trading Down 6.3%

The company has a fifty day simple moving average of $45.46 and a two-hundred day simple moving average of $47.49. The company has a market capitalization of $11.66 billion, a P/E ratio of 26.38 and a beta of 4.31. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly 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 negative return on equity of 10.01% and a net margin of 56.59%.The company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. The company's revenue was down 23.1% on a year-over-year basis. On average, analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new position in shares of IREN in the third quarter valued at approximately $25,000. Miller Wealth Advisors LLC grew its stake in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new position in IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new position in IREN in the 4th quarter worth $27,000. Finally, Aventura Private Wealth LLC bought a new position in IREN in the 4th quarter worth $28,000. Institutional investors and hedge funds 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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