IREN (NASDAQ:IREN) Stock Falls 1.2% on Analyst Downgrade

Key Points

• IREN shares fell 1.2% to about $40.90 after B. Riley Financial reduced its price target from $96 to $91, while maintaining a Buy rating. Trading volume was approximately 25.4 million shares, below the average of 42.3 million.
• Analyst sentiment remains broadly positive: IREN has a consensus rating of “Moderate Buy” and an average price target of $81.13, despite some recent downgrades.
• Institutional investors own 41.08% of IREN, with several firms recently increasing their holdings. The company operates renewable-energy data centers supporting bitcoin mining and AI cloud-computing services.

IREN Limited (NASDAQ:IREN - Get Free Report) shares traded down 1.2% during mid-day trading on Wednesday after B. Riley Financial lowered their price target on the stock from $96.00 to $91.00. B. Riley Financial currently has a buy rating on the stock. IREN traded as low as $40.60 and last traded at $40.8950. Approximately 25,387,446 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 42,349,824 shares. The stock had previously closed at $41.38.

A number of other analysts also recently commented on the stock. Weiss Ratings downgraded shares of IREN from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, August 31st. BTIG Research reiterated a "buy" rating and set a $80.00 price objective on shares of IREN in a research note on Monday, September 14th. Freedom Capital raised IREN from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Jefferies Financial Group assumed coverage on IREN in a research report on Thursday, June 18th. They issued a "buy" rating and a $79.00 target price for the company. Finally, JPMorgan Chase & Co. raised IREN from an "underweight" rating to an "overweight" rating and increased their price target for the company from $46.00 to $65.00 in a research note on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $81.13.

Institutional Trading of IREN

A number of large investors have recently added to or reduced their stakes in IREN. CENTRAL TRUST Co increased its holdings in shares of IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock valued at $51,000 after buying an additional 245 shares in the last quarter. Allworth Financial LP boosted its stake in shares of IREN by 4.4% during the 2nd quarter. Allworth Financial LP now owns 7,162 shares of the company's stock worth $328,000 after acquiring an additional 305 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of IREN by 14.5% during the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company's stock worth $115,000 after acquiring an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. grew its holdings in shares of IREN by 19.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock worth $70,000 after acquiring an additional 328 shares during the last quarter. Finally, Hollencrest Capital Management grew its holdings in shares of IREN by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock worth $36,000 after acquiring an additional 350 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Down 1.2%

The company has a market capitalization of $16.12 billion, a price-to-earnings ratio of -17.48 and a beta of 4.28. The company has a quick ratio of 3.55, a current ratio of 3.55 and a debt-to-equity ratio of 1.80. The business has a 50-day moving average price of $41.46 and a 200-day moving average price of $45.83.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN's operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.

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