IREN (NASDAQ:IREN) Shares Down 6.8% - Here's What Happened

Key Points

• IREN Limited's shares dropped 6.8% on Tuesday, trading as low as $52.65 before recovering slightly to $55.20.
• Analysts have given IREN a consensus rating of "Moderate Buy" with price targets ranging from $32.00 to $75.00.
• In a recent insider transaction, CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, reducing his ownership by 6.67%.

IREN Limited (NASDAQ:IREN - Get Free Report) shares fell 6.8% on Tuesday . The stock traded as low as $52.65 and last traded at $55.20. 39,901,056 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 23,571,539 shares. The stock had previously closed at $59.22.

Analysts Set New Price Targets

IREN has been the subject of a number of recent analyst reports. Roth Capital reaffirmed a "buy" rating and issued a $35.00 price objective on shares of IREN in a research report on Friday, August 29th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of IREN in a research note on Wednesday, October 8th. BTIG Research raised their target price on shares of IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, October 14th. Compass Point assumed coverage on shares of IREN in a research report on Monday, September 15th. They set a "buy" rating for the company. Finally, Cantor Fitzgerald upped their price target on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, IREN currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.64.

IREN Trading Down 6.7%

The business has a 50 day simple moving average of $38.30 and a two-hundred day simple moving average of $20.58. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 93.69 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 released its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. The company had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. IREN had a return on equity of 1.34% and a net margin of 33.03%. As a group, equities analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.02% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Aurelius Capital Management LP bought a new stake in shares of IREN in the 1st quarter valued at approximately $311,000. Balefire LLC bought a new stake in IREN during the second quarter valued at $1,214,000. Hartline Investment Corp acquired a new stake in shares of IREN during the second quarter worth $228,000. Maridea Wealth Management LLC lifted its position in shares of IREN by 57.1% in the 1st quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company's stock worth $1,950,000 after buying an additional 116,408 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of IREN in the 2nd quarter valued at about $4,808,000. Institutional investors own 41.08% of the company's stock.

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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