Jones Trading Downgrades IREN (NASDAQ:IREN) to Hold

Key Points

• IREN's stock retains a "hold" rating from Jones Trading, while other analysts from Roth Capital and B. Riley have given it "buy" ratings with varying price targets.
• The stock saw significant trading activity, increasing by 14.9% recently, with its current market cap standing at $4.97 billion.
• Institutional investors have been active in the stock, with several hedge funds increasing their stakes, resulting in 41.08% of the stock being owned by institutional shareholders.

Jones Trading downgraded shares of IREN (NASDAQ:IREN - Free Report) from a buy rating to a hold rating in a research report released on Tuesday morning, MarketBeat Ratings reports.

Several other equities analysts also recently commented on IREN. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Macquarie upped their target price on IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Roth Capital reaffirmed a "buy" rating and issued a $35.00 target price on shares of IREN in a research report on Friday, August 29th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $16.00 target price (up previously from $12.00) on shares of IREN in a research report on Monday, July 28th. Finally, Cantor Fitzgerald upped their target price on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, IREN presently has an average rating of "Moderate Buy" and an average price target of $30.44.

IREN Stock Down 7.4%

Shares of IREN stock traded down $2.08 on Tuesday, reaching $26.13. 29,925,385 shares of the company were exchanged, compared to its average volume of 19,757,301. The company has a 50-day moving average of $18.90 and a 200 day moving average of $11.71. IREN has a one year low of $5.13 and a one year high of $30.01. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 44.29 and a beta of 4.03. The company has a current ratio of 4.29, a quick ratio of 0.46 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The company had revenue of $187.30 million for the quarter, compared to analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. On average, equities research analysts forecast that IREN will post 0.43 earnings per share for the current year.

Institutional Trading of IREN

Several large investors have recently made changes to their positions in IREN. Tower Research Capital LLC TRC lifted its stake in IREN by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after purchasing an additional 7,646 shares during the last quarter. Bank of America Corp DE lifted 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 worth $1,834,000 after buying an additional 59,250 shares during the period. Balyasny Asset Management L.P. grew its holdings in IREN by 6.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 351,219 shares of the company's stock worth $3,449,000 after acquiring an additional 22,635 shares during the period. CastleKnight Management LP grew its holdings in IREN by 31.3% during the 4th quarter. CastleKnight Management LP now owns 679,800 shares of the company's stock worth $6,676,000 after acquiring an additional 162,000 shares during the period. Finally, Crestline Management LP bought a new position in IREN during the fourth quarter worth $163,000. Institutional investors and hedge funds 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.