IREN (NASDAQ:IREN) Releases Quarterly Earnings Results, Misses Estimates By $0.48 EPS

IREN (NASDAQ:IREN) posted its earnings results on Thursday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48), Zacks reports. IREN had a negative return on equity of 4.42% and a net margin of 86.96%.The business had revenue of $240.30 million for the quarter, compared to the consensus estimate of $244.60 million. IREN’s revenue for the quarter was up 28.3% on a year-over-year basis.

IREN Stock Down 6.8%

Shares of NASDAQ IREN traded down $4.58 during mid-day trading on Friday, hitting $62.38. The company had a trading volume of 53,008,878 shares, compared to its average volume of 42,854,636. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm has a 50-day simple moving average of $49.90 and a two-hundred day simple moving average of $26.13. The company has a market capitalization of $16.97 billion, a PE ratio of 32.15 and a beta of 4.21. IREN has a one year low of $5.13 and a one year high of $76.87.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and set a $24.00 price objective (up previously from $16.00) on shares of IREN in a research report on Friday, September 26th. Weiss Ratings reiterated a “hold (c-)” rating on shares of IREN in a report on Wednesday, October 8th. Cantor Fitzgerald lifted their price target on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Roth Capital set a $94.00 price target on IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN currently has an average rating of “Hold” and a consensus price target of $65.25.

Insider Buying and Selling

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. boosted its holdings in shares of IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after buying an additional 936,333 shares during the last quarter. StoneX Group Inc. bought a new stake in IREN during the second quarter worth $158,000. NewEdge Advisors LLC lifted its stake in IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after acquiring an additional 30,736 shares during the last quarter. Sei Investments Co. bought a new position in shares of IREN in the 2nd quarter valued at about $2,333,000. Finally, Peapack Gladstone Financial Corp increased its stake in shares of IREN by 30.0% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after purchasing an additional 4,200 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

About IREN

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.