IREN (NASDAQ:IREN) Stock Price Down 2.1% - What's Next?

Key Points

• IREN shares fell 2.1% to $36.29 in Monday trading, with about 34.4 million shares changing hands—19% below average volume.
• Analyst sentiment remains broadly positive but mixed: IREN has a “Moderate Buy” consensus rating and an average price target of $82.71, despite recent hold, neutral, and sell calls.
• The company’s latest quarter missed expectations, reporting an adjusted loss of $0.25 per share versus an expected loss of $0.22 and revenue of $144.79 million versus a $219.69 million estimate.

IREN Limited (NASDAQ:IREN - Get Free Report) was down 2.1% during trading on Monday . The stock traded as low as $34.88 and last traded at $36.29. Approximately 34,415,596 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 42,255,652 shares. The stock had previously closed at $37.07.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IREN. Needham & Company LLC reaffirmed a "hold" rating on shares of IREN in a research note on Tuesday, July 21st. Weiss Ratings downgraded shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 7th. The Goldman Sachs Group reissued a "neutral" rating on shares of IREN in a research report on Monday, July 20th. Cantor Fitzgerald increased their target price on shares of IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Compass Point reaffirmed a "buy" rating on shares of IREN in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, IREN currently has an average rating of "Moderate Buy" and a consensus price target of $82.71.

IREN Trading Down 2.1%

The company has a market cap of $12.97 billion, a price-to-earnings ratio of 75.60 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm has a fifty day moving average price of $50.69 and a 200 day moving average price of $47.59.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. As a group, equities analysts predict that IREN Limited will post -1.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Situational Awareness LP raised its holdings in shares of IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the period. Marex Group plc grew its holdings in IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company's stock worth $168,880,000 after purchasing an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new position in IREN during the fourth quarter worth about $158,677,000. Clear Street Group Inc. acquired a new position in IREN during the fourth quarter worth approximately $137,075,000. Finally, Value Aligned Research Advisors LLC increased its position in IREN by 10.9% during the third quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company's stock worth $169,979,000 after buying an additional 355,826 shares during the last quarter. Institutional investors 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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