IREN (NASDAQ:IREN) Shares Down 8.5% - What's Next?

Key Points

• IREN Limited's stock price fell 8.5% during mid-day trading, closing at $18.94 after reaching an intraday low of $19.24.
• Despite the recent drop, several Wall Street analysts have issued a mixed outlook, with ratings ranging from Strong Buy to Hold and an average target price of $20.89.
• Institutional investors have shown increased confidence in IREN, with hedge funds like Situational Awareness LP growing their stake by 90.1% in the second quarter.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price fell 8.5% during mid-day trading on Tuesday . The company traded as low as $19.24 and last traded at $18.94. 13,698,955 shares changed hands during trading, a decline of 27% from the average session volume of 18,767,055 shares. The stock had previously closed at $20.71.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IREN. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of IREN in a research note on Friday, May 16th. B. Riley restated a "buy" rating and set a $22.00 price target (up from $15.00) on shares of IREN in a research note on Thursday, July 10th. Macquarie boosted their price objective on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. 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 note on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, IREN currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.89.

IREN Trading Up 9.4%

The company has a fifty day moving average price of $16.29 and a 200-day moving average price of $10.91.

Institutional Trading of IREN

Several hedge funds have recently modified their holdings of IREN. Advisors Asset Management Inc. raised its holdings in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after buying an additional 1,839 shares during the period. Main Management LLC purchased a new stake in IREN during the 4th quarter valued at $49,000. Crewe Advisors LLC purchased a new stake in IREN during the 1st quarter valued at $39,000. Quarry LP purchased a new stake in IREN during the 1st quarter valued at $40,000. Finally, Tower Research Capital LLC TRC raised its holdings in IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after buying an additional 7,646 shares during the period. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.