IREN (NASDAQ:IREN) Stock Price Down 9% - What's Next?

Key Points

• IREN Limited's stock price fell by 9%, trading between $61.10 and $61.83, with a significant increase in trading volume.
• Despite the recent drop, Wall Street analysts remain optimistic, with many issuing "buy" ratings and target prices ranging up to $78.00.
• Insider trading reports indicate that CEO Daniel John Roberts sold 1,000,000 shares recently, reducing his ownership stake by 6.67%.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) traded down 9% during trading on Thursday . The stock traded as low as $61.10 and last traded at $61.83. 45,229,514 shares changed hands during mid-day trading, an increase of 94% from the average session volume of 23,349,441 shares. The stock had previously closed at $67.98.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Compass Point assumed coverage on shares of IREN in a report on Monday, September 15th. They issued a "buy" rating on the stock. Roth Capital reissued a "buy" rating and issued a $35.00 target price on shares of IREN in a report on Friday, August 29th. BTIG Research raised their target price on shares of IREN from $32.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday. Arete Research initiated coverage on shares of IREN in a report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 target price on the stock. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of IREN in a report on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $51.64.

IREN Price Performance

The stock has a market cap of $16.82 billion, a P/E ratio of 104.80 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The business's fifty day moving average price is $35.76 and its 200 day moving average price is $19.26.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. The firm had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Transactions at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.02% of the company's stock.

Institutional Trading of IREN

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC bought a new position in IREN during the 3rd quarter worth $165,000. Advisors Asset Management Inc. increased its stake in shares of IREN by 68.4% in the second 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. Dynamic Advisor Solutions LLC acquired a new stake in shares of IREN in the third quarter valued at about $246,000. DKM Wealth Management Inc. acquired a new stake in shares of IREN in the third quarter valued at about $287,000. Finally, Crewe Advisors LLC acquired a new stake in shares of IREN in the first quarter valued at about $39,000. 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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