IREN (NASDAQ:IREN) Stock Price Down 1.8% - Here's What Happened

Key Points

• IREN Limited's stock price fell by 1.8% to $46.29, although trading volume significantly increased by 184% compared to its average session volume.
• Analysts have largely issued positive ratings on IREN, with a consensus rating of "Moderate Buy" and an average price target of $42.42.
• CEO Daniel John Roberts sold 1 million shares of stock for $33.13 each, reducing his ownership by 6.67%, which now stands at approximately $463.5 million.

IREN Limited (NASDAQ:IREN - Get Free Report) shares traded down 1.8% on Thursday . The company traded as low as $43.57 and last traded at $46.29. 60,420,983 shares were traded during trading, an increase of 184% from the average session volume of 21,288,889 shares. The stock had previously closed at $47.14.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. HC Wainwright boosted their price target on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Compass Point initiated coverage on shares of IREN in a research report on Monday, September 15th. They set a "buy" rating for the company. Cantor Fitzgerald upped their target price on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Canaccord Genuity Group upped their price target on shares of IREN from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Finally, Macquarie upped their price objective on shares of IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, IREN presently has a consensus rating of "Moderate Buy" and an average price target of $42.42.

IREN Price Performance

The company has a market cap of $12.59 billion, a PE ratio of 78.46 and a beta of 4.03. The business's 50 day moving average price is $24.33 and its 200-day moving average price is $14.25. 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 released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The business had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. As a group, analysts forecast that IREN Limited will post 0.43 earnings per share for the current year.

Insider Buying and Selling at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.55% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IREN

A number of large investors have recently made changes to their positions in the business. Centaurus Financial Inc. boosted its position in IREN by 5.3% during the second quarter. Centaurus Financial Inc. now owns 31,150 shares of the company's stock worth $454,000 after purchasing an additional 1,570 shares during the period. Advisory Services Network LLC lifted its position in IREN by 80.8% in the second quarter. Advisory Services Network LLC now owns 100,254 shares of the company's stock worth $1,615,000 after purchasing an additional 44,798 shares during the period. Headlands Technologies LLC lifted its position in IREN by 172.2% in the second quarter. Headlands Technologies LLC now owns 294,542 shares of the company's stock worth $4,291,000 after purchasing an additional 186,344 shares during the period. Tower Research Capital LLC TRC lifted its position in IREN by 54.3% in the second quarter. Tower Research Capital LLC TRC now owns 10,463 shares of the company's stock worth $152,000 after purchasing an additional 3,684 shares during the period. Finally, Tidal Investments LLC acquired a new position in IREN during the second quarter worth $175,000. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Company Profile

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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