IREN (NASDAQ:IREN) Shares Down 6.4% - Here's What Happened

Key Points

• IREN Limited shares fell by 6.4% to $59.77 on Friday, with trading volume significantly increasing to 67 million shares, up 194% from average levels.
• Analysts maintain a positive outlook for IREN, with the company receiving multiple "buy" ratings and a consensus price target of $47.73 from eleven analysts.
• Insider trading activity includes CEO Daniel John Roberts selling 1,000,000 shares for $33.13 each, reducing his ownership by 6.67% but still retaining around 14 million shares.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price fell 6.4% on Friday . The company traded as low as $58.02 and last traded at $59.77. 67,000,268 shares changed hands during trading, an increase of 194% from the average session volume of 22,808,691 shares. The stock had previously closed at $63.85.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IREN. Canaccord Genuity Group raised their price objective on IREN from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. B. Riley lifted their price target on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Arete Research initiated coverage on shares of IREN in a research note on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price objective for the company. HC Wainwright lifted their price target on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $35.00 price target on shares of IREN in a report on Friday, August 29th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.73.

IREN Stock Down 6.4%

The stock has a market capitalization of $16.26 billion, a PE ratio of 101.31 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The business's fifty day moving average price is $31.86 and its two-hundred day moving average price is $17.64.

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

Insider Buying and Selling at IREN

In other 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 transaction of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. The trade was 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. 21.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Crewe Advisors LLC acquired a new position in IREN during the first quarter valued at $39,000. Quarry LP acquired a new position in IREN during the first quarter valued at $40,000. Delta Financial Group Inc. acquired a new position in IREN during the first quarter valued at $61,000. R Squared Ltd lifted its position in IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock valued at $63,000 after purchasing an additional 6,480 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in IREN by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after purchasing an additional 1,839 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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