IREN (NASDAQ:IREN) Trading Down 7.6% - Here's What Happened

Key Points

• IREN shares fell 7.6% on Monday to $52.36 (intraday low $51.79) on ~42.0M shares traded, down from a prior close of $56.68.
• Analysts maintain a consensus rating of "Moderate Buy" with an average price target of $69.36 (13 Buys, 5 Holds, 1 Sell), reflecting mixed but generally positive outlooks.
• IREN missed quarterly EPS (reported -$0.34 vs. $0.14 expected) despite revenue rising 28.3% year-over-year, and the stock has substantial institutional ownership (~41%).

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price traded down 7.6% on Monday . The company traded as low as $51.79 and last traded at $52.36. 42,041,047 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 42,495,664 shares. The stock had previously closed at $56.68.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Compass Point reiterated a "buy" rating and issued a $105.00 target price on shares of IREN in a research note on Friday, November 7th. Zacks Research raised shares of IREN from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 16th. BTIG Research lifted their price target on IREN from $32.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on IREN from $28.00 to $39.00 and gave the stock an "underweight" rating in a report on Monday, November 24th. Finally, UBS Group reissued a "buy" rating on shares of IREN in a report on Friday, November 7th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $69.36.

IREN Price Performance

The firm has a market cap of $14.84 billion, a price-to-earnings ratio of 26.99 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The stock has a 50-day moving average price of $45.50 and a 200 day moving average price of $40.56.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.48). The firm had revenue of $240.30 million during the quarter, compared to analysts' expectations of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The company's quarterly revenue was up 28.3% compared to the same quarter last year. As a group, equities research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Hood River Capital Management LLC purchased a new position in shares of IREN during the 2nd quarter worth approximately $74,228,000. Situational Awareness LP lifted its position in shares of IREN by 90.1% in 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. Voloridge Investment Management LLC boosted its stake in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company's stock valued at $77,555,000 after acquiring an additional 1,545,579 shares during the last quarter. Marshall Wace LLP raised its stake in IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company's stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP acquired a new stake in shares of IREN during the 2nd quarter worth about $21,025,000. 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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