IREN (NASDAQ:IREN) Trading Down 5.3% - Here's Why

Key Points

• IREN shares fell 5.3% on Monday, briefly touching $38.08 before last trading at $38.98, with volume below its daily average.
• Despite the pullback, Wall Street remains upbeat: analysts have mostly Buy ratings on IREN, and the consensus price target is $82.36, well above the current price.
• The company recently missed earnings expectations, reporting EPS of -$0.25 versus an expected -$0.22 and revenue of $144.79 million versus $219.69 million expected.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were down 5.3% on Monday . The stock traded as low as $38.08 and last traded at $38.98. Approximately 35,747,238 shares traded hands during trading, a decline of 15% from the average session volume of 41,990,605 shares. The stock had previously closed at $41.14.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IREN shares. Canaccord Genuity Group upped their price objective on shares of IREN from $70.00 to $79.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. HC Wainwright upped their target price on shares of IREN to $85.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Jefferies Financial Group began coverage on shares of IREN in a research note on Thursday, June 18th. They issued a "buy" rating and a $79.00 price target for the company. Freedom Capital raised shares of IREN from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. Finally, Sanford C. Bernstein set a $96.00 price objective on shares of IREN in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.36.

IREN Stock Down 5.2%

The company has a market cap of $13.93 billion, a P/E ratio of 81.23 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company's 50-day moving average is $54.14 and its two-hundred day moving average is $47.78.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million for the quarter, compared to analysts' expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities analysts predict that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Miller Wealth Advisors LLC grew its stake in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. bought a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new stake in IREN in the fourth quarter worth approximately $27,000. Aventura Private Wealth LLC purchased a new stake in IREN in the fourth quarter worth approximately $28,000. Finally, Motco bought a new stake in IREN in the 4th quarter worth approximately $30,000. 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.

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