IREN (NASDAQ:IREN) Stock Price Down 1.3% - Here's Why

IREN Limited (NASDAQ:IREN - Get Free Report) shares fell 1.3% on Thursday . The company traded as low as $18.42 and last traded at $18.75. 9,055,227 shares changed 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 Analyst Weigh In

A number of equities research analysts have commented on IREN shares. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $16.00 price objective (up from $12.00) on shares of IREN in a research report on Monday. HC Wainwright decreased their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report 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. Macquarie lifted their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $23.00 price objective on shares of IREN in a research report on Friday, May 16th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.89.

IREN Stock Performance

The stock's 50-day simple moving average is $12.79 and its 200 day simple moving average is $9.94.

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

Institutional Investors Weigh In On IREN

A number of large investors have recently added to or reduced their stakes in the business. Main Management LLC acquired a new stake in shares of IREN during the 4th quarter worth about $49,000. Crewe Advisors LLC acquired a new stake in shares of IREN during the 1st quarter worth about $39,000. Quarry LP acquired a new stake in shares of IREN during the 1st quarter worth about $40,000. Tower Research Capital LLC TRC lifted its holdings in shares of IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after acquiring an additional 7,646 shares during the period. Finally, Delta Financial Group Inc. acquired a new stake in shares of IREN in the first quarter worth approximately $61,000. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.