IREN (NASDAQ:IREN) Trading Down 3.1% - Here's What Happened

Key Points

• IREN shares fell 3.1% on Wednesday to about $44.03 (intraday low $43.63) with roughly 31.4 million shares traded, a 26% drop from its average daily volume.
• The company reported an earnings miss — EPS of ($0.44) vs. consensus ($0.07) and revenue of $184.7 million vs. $229.6 million expected, with revenue down 23.1% year-over-year.
• Analysts hold a consensus Moderate Buy rating with an average price target of $71.69 (13 Buys, 3 Holds, 2 Sells), and about 41% of the stock is owned by institutional investors.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price dropped 3.1% during trading on Wednesday . The company traded as low as $43.63 and last traded at $44.03. Approximately 31,403,873 shares were traded during trading, a decline of 26% from the average daily volume of 42,468,707 shares. The stock had previously closed at $45.45.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IREN shares. Zacks Research raised shares of IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. Compass Point restated a "buy" rating and set a $105.00 price target on shares of IREN in a report on Friday, November 7th. Weiss Ratings cut IREN from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday. JPMorgan Chase & Co. lifted their price objective on IREN from $28.00 to $39.00 and gave the stock an "underweight" rating in a research report on Monday, November 24th. Finally, Roth Mkm set a $94.00 target price on IREN and gave the company a "buy" rating in a report on Monday, November 3rd. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $71.69.

IREN Trading Down 3.1%

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 company has a market cap of $14.63 billion, a PE ratio of 33.11 and a beta of 4.27. The stock has a 50 day moving average price of $46.34 and a 200 day moving average price of $44.91.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company's revenue for the quarter was down 23.1% compared to the same quarter last year. Sell-side analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Hood River Capital Management LLC bought a new position in IREN during the 2nd quarter valued at approximately $74,228,000. Marex Group plc boosted its holdings in IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company's stock worth $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of IREN in the fourth quarter worth $158,677,000. Clear Street Group Inc. bought a new position in shares of IREN during the fourth quarter valued at $137,075,000. Finally, Situational Awareness LP increased its holdings in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after acquiring an additional 3,034,254 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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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