IREN (NASDAQ:IREN) Stock Price Down 1.7% - Here's What Happened

Key Points

• IREN Limited's stock price decreased by 1.7% on Friday, trading between $25.31 and $25.70 with a total trading volume lower than average.
• Despite the recent decline, Wall Street analysts maintain a positive outlook, with multiple firms setting price targets as high as $35.00 and an average price target of $30.44.
• The company reported earnings of $0.19 per share, beating expectations, while analysts predict a full-year EPS of 0.43.

IREN Limited (NASDAQ:IREN - Get Free Report) was down 1.7% during mid-day trading on Friday . The company traded as low as $25.31 and last traded at $25.70. Approximately 11,722,410 shares traded hands during trading, a decline of 40% from the average daily volume of 19,691,385 shares. The stock had previously closed at $26.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IREN shares. Roth Capital reissued a "buy" rating and set a $35.00 price target on shares of IREN in a research note on Friday, August 29th. Macquarie raised their price target on IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. B. Riley lifted their price target on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Jones Trading downgraded IREN from a "buy" rating to a "hold" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $16.00 price target (up previously from $12.00) on shares of IREN in a research report on Monday, July 28th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, IREN presently has an average rating of "Moderate Buy" and an average price target of $30.44.

IREN Stock Performance

The stock has a market cap of $4.91 billion, a P/E ratio of 44.32 and a beta of 4.03. The business has a 50 day moving average price of $18.90 and a 200 day moving average price of $11.71. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The business had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. As a group, sell-side analysts expect that IREN Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Centaurus Financial Inc. raised its holdings in IREN by 5.3% in the 2nd quarter. Centaurus Financial Inc. now owns 31,150 shares of the company's stock valued at $454,000 after acquiring an additional 1,570 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of IREN by 80.8% in the 2nd quarter. Advisory Services Network LLC now owns 100,254 shares of the company's stock valued at $1,615,000 after purchasing an additional 44,798 shares in the last quarter. Headlands Technologies LLC raised its stake in IREN by 172.2% during the second quarter. Headlands Technologies LLC now owns 294,542 shares of the company's stock worth $4,291,000 after acquiring an additional 186,344 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of IREN by 54.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company's stock valued at $152,000 after purchasing an additional 3,684 shares during the period. Finally, Tidal Investments LLC bought a new position in shares of IREN in the second quarter valued at approximately $175,000. 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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