IREN (NASDAQ:IREN) Stock Price Down 3.5% - Here's Why

Key Points

• IREN shares fell 3.5% on Friday, trading as low as $32.22 before closing at $33.62, below the prior close of $34.83. Trading volume was slightly under the stock’s average daily volume.
• Analyst sentiment remains mixed but mostly positive, with a consensus rating of “Moderate Buy” and a consensus price target of $82.36. However, Weiss Ratings recently downgraded the stock to “sell,” even as several firms lifted their targets.
• Recent earnings disappointed, as IREN reported a quarterly loss of $0.25 per share versus expectations of a $0.22 loss, and revenue of $144.79 million fell well short of estimates. The company also carries a high beta and trades well below its 50-day and 200-day moving averages.

IREN Limited (NASDAQ:IREN - Get Free Report) fell 3.5% during trading on Friday . The company traded as low as $32.22 and last traded at $33.62. 40,231,107 shares were traded during trading, a decline of 4% from the average daily volume of 41,907,816 shares. The stock had previously closed at $34.83.

Analyst Ratings Changes

Several brokerages have weighed in on IREN. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a report on Thursday, June 4th. BTIG Research increased their price objective on shares of IREN to $80.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, July 7th. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research note on Wednesday, May 27th. Finally, Cantor Fitzgerald upped 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. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.36.

IREN Stock Performance

The firm's 50-day moving average price is $52.79 and its 200-day moving average price is $47.66. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market cap of $12.02 billion, a P/E ratio of 70.04 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Sell-side analysts expect that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Miller Wealth Advisors LLC increased its holdings in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after purchasing an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in IREN during the 4th quarter valued at approximately $27,000. Aventura Private Wealth LLC purchased a new position in IREN during the 4th quarter valued at approximately $28,000. Finally, Motco bought a new stake in IREN in the 4th quarter worth approximately $30,000. Institutional investors own 41.08% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.