IREN (NASDAQ:IREN) Stock Price Down 2.3% - Here's What Happened

Key Points

• IREN shares fell 2.3% mid-day to a last trade of $47.70 (intraday low $45.07) on volume of 36.28 million shares, below its average session volume and off a prior close of $48.82.
• The company missed quarterly estimates, reporting EPS of ($0.44) versus a ($0.07) consensus and revenue of $184.69 million versus $229.64 million, with quarterly revenue down 23.1% year‑over‑year.
• Analysts maintain a consensus "Moderate Buy" rating with a $70.08 average price target, based on 13 Buy, 5 Hold and 1 Sell recommendations.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price fell 2.3% during mid-day trading on Thursday . The company traded as low as $45.07 and last traded at $47.70. 36,283,024 shares changed hands during trading, a decline of 5% from the average session volume of 38,064,512 shares. The stock had previously closed at $48.82.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IREN. The Goldman Sachs Group began coverage on IREN in a report on Thursday, December 18th. They set a "neutral" rating and a $39.00 price objective for the company. B. Riley Financial restated a "buy" rating on shares of IREN in a report on Friday, February 6th. HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective for the company in a report on Tuesday, January 13th. Freedom Capital upgraded shares of IREN to a "hold" rating in a research report on Wednesday, April 1st. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, IREN presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Trading Down 2.3%

The firm has a market capitalization of $15.85 billion, a price-to-earnings ratio of 35.86 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The firm's 50-day simple moving average is $40.55 and its 200 day simple moving average is $47.58.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The business's quarterly revenue was down 23.1% compared to the same quarter last year. Equities analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IREN. Global Retirement Partners LLC acquired a new position in IREN during the third quarter valued at approximately $25,000. Miller Wealth Advisors LLC raised its position in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter valued at approximately $27,000. Finally, Aventura Private Wealth LLC acquired a new position in IREN during the fourth quarter valued at approximately $28,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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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