IREN (NASDAQ:IREN) Trading Down 2.4% - Here's Why

Key Points

• IREN Limited's stock price declined by 2.4% to $17.71, with trading volume dropping to approximately 8 million shares, a significant decrease from the average daily volume.
• Analysts are predicting growth for IREN, with ratings including nine "buy" ratings and an average price target of $20.44.
• The company's recent earnings report showed a miss on analyst estimates, reporting $0.11 EPS compared to an expectation of $0.17 EPS.
• Significant hedge fund activity has been noted, including JPMorgan Chase acquiring a new stake and other firms increasing their holdings substantially.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was down 2.4% on Friday . The stock traded as low as $17.37 and last traded at $17.71. Approximately 8,078,383 shares were traded during trading, a decline of 56% from the average daily volume of 18,524,186 shares. The stock had previously closed at $18.14.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IREN shares. HC Wainwright decreased their target price on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. 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 note on Thursday, July 10th. Macquarie upped their price target on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $23.00 price target on shares of IREN in a report on Friday, May 16th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.44.

IREN Stock Down 2.7%

The stock has a fifty day moving average price of $12.60 and a 200-day moving average price of $9.90.

IREN (NASDAQ:IREN - Get Free Report) last issued 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 return on equity of 2.12% and a negative net margin of 9.40%. The company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Research analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. acquired a new stake in IREN during the 4th quarter valued at $587,000. Farther Finance Advisors LLC increased its holdings in IREN by 57.3% during the 1st quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after purchasing an additional 5,700 shares in the last quarter. Bank of America Corp DE increased its holdings in IREN by 46.5% during the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock valued at $1,834,000 after purchasing an additional 59,250 shares in the last quarter. Tower Research Capital LLC TRC increased 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 purchasing an additional 7,646 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in IREN in the 1st quarter valued at $592,000. 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.

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