IREN (NASDAQ:IREN) Shares Down 6.5% - What's Next?

Key Points

• IREN shares fell 6.5% to $33.93, with trading volume about 12% above its daily average. The stock remains well below its 50-day and 200-day moving averages of $50.40 and $47.53, respectively.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $82.71. Recent targets range from $46 to $96, though JPMorgan rates the stock “Underweight.”
• IREN’s latest quarterly results missed expectations, reporting a $0.25 adjusted loss per share versus an expected $0.22 loss and revenue of $144.79 million versus $219.69 million expected. The company operates bitcoin-mining data centers, has a market capitalization of roughly $12.13 billion, and carries a high beta of 4.27.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) traded down 6.5% during trading on Tuesday . The stock traded as low as $32.54 and last traded at $33.93. Approximately 47,149,533 shares were traded during trading, an increase of 12% from the average daily volume of 42,245,098 shares. The stock had previously closed at $36.29.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on IREN shares. Canaccord Genuity Group restated a "buy" rating and set a $79.00 target price on shares of IREN in a report on Tuesday, July 21st. BTIG Research upped their price target on IREN to $80.00 and gave the company a "buy" rating in a report on Friday, May 8th. JPMorgan Chase & Co. increased their price objective on IREN from $39.00 to $46.00 and gave the company an "underweight" rating in a research report on Monday, May 11th. Sanford C. Bernstein set a $96.00 price objective on IREN in a research note on Thursday, June 4th. Finally, Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They issued a "buy" rating and a $79.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $82.71.

IREN Stock Down 6.5%

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $12.13 billion, a PE ratio of 70.69 and a beta of 4.27. The business's 50 day simple moving average is $50.40 and its 200 day simple moving average is $47.53.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million during the quarter, compared to analysts' expectations of $219.69 million. As a group, analysts forecast that IREN Limited will post -1.96 EPS for the current year.

Hedge Funds Weigh In On IREN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC lifted its holdings in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after purchasing an additional 480 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of IREN by 177.5% during the second quarter. GAMMA Investing LLC now owns 691 shares of the company's stock valued at $32,000 after buying an additional 442 shares in the last quarter. North Star Investment Management Corp. purchased a new position in shares of IREN during the fourth quarter valued at $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter valued at $27,000. Finally, Motco acquired a new position in IREN during the fourth quarter valued at $30,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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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