IREN (NASDAQ:IREN) Stock Price Down 7.3% - What's Next?

Key Points

• Shares fell 7.3%, trading as low as $44.94 and last at $45.17 on heavy intraday activity of about 34.9 million shares (roughly 8% below the average daily volume).
• Quarterly results missed expectations: IREN reported EPS of ($0.44) versus a ($0.07) estimate and revenue of $184.69 million versus a $229.64 million estimate, with revenue down 23.1% year‑over‑year.
• Analysts are mixed but overall positive with a consensus rating of "Moderate Buy" and a consensus target price of $70.08 (13 Buys, 5 Holds, 1 Sell).

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were down 7.3% on Tuesday . The stock traded as low as $44.94 and last traded at $45.17. Approximately 34,872,093 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 37,900,125 shares. The stock had previously closed at $48.72.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of IREN from a "hold" rating to a "strong sell" rating in a research report on Saturday, February 7th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $70.00 target price on shares of IREN in a research note on Tuesday, February 10th. Cantor Fitzgerald reduced their price target on shares of IREN to $61.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Freedom Capital raised shares of IREN to a "hold" rating in a report on Wednesday, April 1st. Finally, Weiss Ratings upgraded IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

IREN Stock Down 7.3%

The business has a 50-day moving average price of $40.88 and a 200 day moving average price of $47.61. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $15.01 billion, a P/E ratio of 33.96 and a beta of 4.30.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The business's revenue was down 23.1% compared to the same quarter last year. On average, equities analysts expect that IREN Limited will post -0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IREN. Global Retirement Partners LLC bought a new stake in IREN during the third quarter worth approximately $25,000. Miller Wealth Advisors LLC lifted its stake in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after purchasing an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN in the 4th quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in shares of IREN in the 4th quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC purchased a new position in shares of IREN in the 4th quarter worth approximately $28,000. 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.

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.