IREN (NASDAQ:IREN) Trading Down 9.6% - Here's Why

Key Points

• IREN shares fell 9.6% to about $37.45 on Thursday, with ~35.9 million shares traded (roughly 9% below the average session volume) after a prior close of $41.43 and trading below both the 50‑day and 200‑day moving averages.
• The sell‑off followed a sharp earnings miss—IREN reported $(0.44) EPS vs. $(0.07) expected and revenue of $184.69M vs. $229.64M expected, with revenue down 23.1% year‑over‑year.
• Despite the results, analysts still show a positive tilt (13 Buys, 4 Holds, 1 Sell) and a consensus price target of $71.69, while institutional investors own about 41% of the stock.

IREN Limited (NASDAQ:IREN - Get Free Report) fell 9.6% on Thursday . The stock traded as low as $37.25 and last traded at $37.45. 35,913,356 shares changed hands during trading, a decline of 9% from the average session volume of 39,300,527 shares. The stock had previously closed at $41.43.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of analyst reports. Weiss Ratings upgraded IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 9th. The Goldman Sachs Group assumed coverage on IREN in a research note on Thursday, December 18th. They set a "neutral" rating and a $39.00 price objective for the company. HC Wainwright raised shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 target price for the company in a report on Tuesday, January 13th. B. Riley Financial restated a "buy" rating on shares of IREN in a research note on Friday, February 6th. Finally, Zacks Research raised shares of IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. Thirteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.69.

IREN Stock Down 9.6%

The stock has a market capitalization of $12.44 billion, a P/E ratio of 28.16 and a beta of 4.31. The company has a fifty day moving average price of $45.74 and a 200-day moving average price of $47.56. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

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

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new position in IREN in the third quarter worth about $25,000. Miller Wealth Advisors LLC raised its holdings in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after buying an additional 480 shares during the period. North Star Investment Management Corp. bought a new stake in IREN in the fourth quarter worth $26,000. Clearstead Trust LLC bought a new stake in IREN in the fourth quarter worth $27,000. Finally, Aventura Private Wealth LLC purchased a new position in IREN during the fourth quarter worth $28,000. 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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