IREN (NASDAQ:IREN) Stock Price Down 9.9% on Disappointing Earnings

IREN Limited (NASDAQ:IREN) shares traded down 9.9% during mid-day trading on Monday following a dissappointing earnings announcement. The company traded as low as $52.36 and last traded at $55.15. 108,628,471 shares changed hands during mid-day trading, an increase of 170% from the average session volume of 40,266,898 shares. The stock had previously closed at $61.20.

The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.49% and a net margin of 20.90%.The company had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: BTIG raised its price target on IREN, reflecting continued optimism around the company’s long-term AI infrastructure opportunity. BTIG Research Increases IREN Price Target to $80.00
• Positive Sentiment: IREN’s strategic partnership with NVIDIA to build up to 5 gigawatts of AI infrastructure remains a major growth catalyst and helped drive the recent surge in the stock. Iren just landed a data center deal with Nvidia. Its stock is soaring.
• Neutral Sentiment: JPMorgan lifted its price target to $46 from $39, but kept an Underweight rating, implying the firm still sees downside risk despite the higher target. JPMorgan Hikes IREN Price Target to $46 but Stays Underweight on Circular NVIDIA Deal Concerns
• Neutral Sentiment: Analysts and market commentary suggest part of the pullback may simply be profit-taking after the sharp run-up tied to the NVIDIA announcement. Iren’s stock pulls back as investors assess the steep price of the AI buildout
• Negative Sentiment: IREN’s proposed $2 billion convertible notes offering raised concerns about higher leverage and potential shareholder dilution, pressuring the stock in premarket trading. IREN Announces Proposed Convertible Notes Offering

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Cantor Fitzgerald lowered their target price on shares of IREN to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Weiss Ratings lowered shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday. Finally, Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.77.

Hedge Funds Weigh In On IREN

Large investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new position in shares of IREN during the third quarter valued at approximately $25,000. Miller Wealth Advisors LLC increased its position in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN during the fourth quarter valued at approximately $27,000. Finally, Aventura Private Wealth LLC bought a new stake in shares of IREN during the fourth quarter valued at approximately $28,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Stock Down 9.9%

The company has a market cap of $18.33 billion, a P/E ratio of 114.90 and a beta of 4.17. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The company’s 50-day moving average is $42.59 and its two-hundred day moving average is $46.71.

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.