IREN (NASDAQ:IREN) Shares Down 3.5% - What's Next?

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were down 3.5% on Tuesday . The company traded as low as $16.83 and last traded at $16.67. Approximately 6,267,334 shares changed hands during trading, a decline of 63% from the average daily volume of 16,813,789 shares. The stock had previously closed at $17.28.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IREN shares. B. Riley restated a "buy" rating and set a $22.00 target price (up previously from $15.00) on shares of IREN in a research report on Thursday, July 10th. Macquarie upped their price objective on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. HC Wainwright dropped their price objective on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of IREN in a report on Friday, May 16th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.44.

IREN Stock Down 0.6%

The business has a 50 day simple moving average of $11.75 and a 200-day simple moving average of $9.69.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. The business had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Equities research analysts predict that IREN Limited will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Main Management LLC acquired a new position in shares of IREN during the fourth quarter worth about $49,000. Crewe Advisors LLC acquired a new position in IREN during the first quarter valued at approximately $39,000. Quarry LP acquired a new position in IREN during the first quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in IREN by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after purchasing an additional 7,646 shares during the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in IREN during the fourth quarter valued at approximately $98,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About IREN

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.