IREN (NASDAQ:IREN) Stock Price Down 1.9% - Here's What Happened

Key Points

• IREN shares fell 1.9% to $46.15, with trading volume of 30.2 million shares—29% below the stock’s average session volume.
• Analysts remain broadly positive, with IREN carrying a “Moderate Buy” consensus rating and an average price target of $81.47; recent targets range from $80 to $99.
• Institutional investors hold 41.08% of IREN, while the company continues expanding its renewable-powered data-center business across Bitcoin mining, artificial intelligence and GPU-intensive cloud computing.

IREN Limited (NASDAQ:IREN - Get Free Report) traded down 1.9% during trading on Thursday. The company traded as low as $45.14 and last traded at $46.15. 30,242,395 shares changed hands during trading, a decline of 29% from the average session volume of 42,580,543 shares. The stock had previously closed at $47.05.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. B. Riley Financial upped their price target on IREN from $88.00 to $96.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Compass Point reissued a "buy" rating and issued a $85.00 price target on shares of IREN in a research note on Friday, August 28th. BTIG Research restated a "buy" rating and issued a $80.00 target price on shares of IREN in a report on Monday, September 14th. Northland Securities began coverage on IREN in a research note on Friday, September 18th. They issued an "outperform" rating and a $99.00 price objective on the stock. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating on shares of IREN in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, IREN currently has an average rating of "Moderate Buy" and a consensus target price of $81.47.

IREN Stock Down 1.9%

The firm's 50 day moving average price is $40.99 and its 200-day moving average price is $45.71. The company has a market cap of $18.19 billion, a P/E ratio of -19.72 and a beta of 4.28. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently made changes to their positions in the company. Situational Awareness LP grew its stake in IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock valued at $401,036,000 after acquiring an additional 2,998,214 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of IREN in the 4th quarter valued at about $158,677,000. Clear Street Group Inc. bought a new position in IREN during the fourth quarter worth about $137,075,000. Bank of America Corp DE grew its holdings in IREN by 58.4% during the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company's stock worth $73,312,000 after purchasing an additional 788,547 shares during the period. Finally, Capital Research Global Investors acquired a new position in IREN during the fourth quarter worth approximately $38,730,000. 41.08% of the stock is owned by institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.

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