IREN (NASDAQ:IREN) Stock Price Down 9.9% – What’s Next?

Shares of IREN Limited (NASDAQ:IREN) were down 9.9% on Monday . The company traded as low as $30.76 and last traded at $31.62. Approximately 41,322,101 shares traded hands during trading, an increase of 6% from the average daily volume of 39,112,273 shares. The stock had previously closed at $35.09.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent research reports. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Zacks Research upgraded shares of IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Cantor Fitzgerald dropped their price target on shares of IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, HC Wainwright upgraded shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 13th. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.69.

IREN Price Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The company has a 50-day moving average price of $45.00 and a 200-day moving average price of $47.77. The firm has a market capitalization of $10.51 billion, a P/E ratio of 23.77 and a beta of 4.31.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The company’s revenue was down 23.1% compared to the same quarter last year. On average, sell-side analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Institutional Trading of IREN

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Global Retirement Partners LLC acquired a new stake in shares of IREN in the 3rd quarter valued at approximately $25,000. Miller Wealth Advisors LLC boosted its stake in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares during the last quarter. North Star Investment Management Corp. acquired a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter valued at approximately $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN in the fourth quarter valued at approximately $28,000. 41.08% of the stock is owned by institutional investors.

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.