IREN (NASDAQ:IREN) Stock Price Down 2.2% - Here's Why

Key Points

• IREN Limited's stock price decreased by 2.2%, closing at $25.58, after trading as low as $25.38.
• Analysts have provided upgrades and raised price targets significantly, with Cantor Fitzgerald increasing their target from $27.00 to $41.00.
• Despite the recent stock decline, IREN has shown impressive year-to-date performance, being up 186% thanks to its pivot towards AI-related opportunities.

IREN Limited (NASDAQ:IREN - Get Free Report) dropped 2.2% during mid-day trading on Monday . The company traded as low as $25.38 and last traded at $25.58. Approximately 7,612,553 shares traded hands during trading, a decline of 61% from the average daily volume of 19,700,873 shares. The stock had previously closed at $26.15.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. HC Wainwright upped their price target on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Roth Capital reiterated a "buy" rating and set a $35.00 target price on shares of IREN in a report on Friday, August 29th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $16.00 price objective (up 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $30.44.

IREN Stock Performance

The stock has a market cap of $7.13 billion, a P/E ratio of 44.76 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The firm's 50-day moving average price is $19.14 and its 200-day moving average price is $11.79.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IREN. Crewe Advisors LLC bought a new position in IREN during the 1st quarter worth $39,000. Quarry LP bought a new stake in shares of IREN during the 1st quarter valued at $40,000. Main Management LLC bought a new stake in shares of IREN in the 4th quarter worth about $49,000. Delta Financial Group Inc. acquired a new stake in IREN in the first quarter valued at approximately $61,000. Finally, R Squared Ltd raised its position in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after acquiring an additional 6,480 shares during the period. 41.08% of the stock is currently owned by institutional investors.

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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