IREN (NASDAQ:IREN) Stock Price Down 1.3% - What's Next?

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded down 1.3% on Thursday . The stock traded as low as $18.42 and last traded at $18.75. 9,055,227 shares traded hands during trading, a decline of 51% from the average session volume of 18,363,811 shares. The stock had previously closed at $18.99.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IREN. HC Wainwright reduced their target price on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Macquarie boosted their price objective on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. B. Riley reaffirmed a "buy" rating and issued a $22.00 price objective (up from $15.00) on shares of IREN in a report on Thursday, July 10th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price target on shares of IREN in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.44.

IREN Stock Performance

The stock has a 50 day moving average of $12.39 and a 200-day moving average of $9.86.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. The company had revenue of $148.10 million during the quarter, compared to analysts' expectations of $153.38 million. On average, research analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership grew its holdings in IREN by 1,307.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock worth $55,825,000 after acquiring an additional 5,280,999 shares in the last quarter. Situational Awareness LP bought a new position in IREN in the first quarter worth approximately $20,500,000. Vident Advisory LLC lifted its stake in shares of IREN by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after purchasing an additional 18,794 shares during the last quarter. Invesco Ltd. grew its position in shares of IREN by 22.5% in the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock worth $22,700,000 after buying an additional 424,403 shares during the last quarter. Finally, Regal Partners Ltd lifted its holdings in shares of IREN by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after purchasing an additional 822,251 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

About IREN

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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