IREN (NASDAQ:IREN) Stock Price Down 1.9% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on IREN shares. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Canaccord Genuity Group restated a “buy” rating and set a $79.00 price objective on shares of IREN in a research report on Friday, August 28th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price on shares of IREN in a research report on Thursday, August 13th. Citigroup reissued a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Finally, Rothschild & Co Redburn initiated coverage on IREN in a report on Monday. They issued a “neutral” rating and a $40.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and a consensus target price of $81.47.

IREN Price Performance

The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The company has a market cap of $18.19 billion, a price-to-earnings ratio of -19.72 and a beta of 4.28. The business has a fifty day moving average price of $40.99 and a 200 day moving average price of $45.71.

Hedge Funds Weigh In On IREN

Several large investors have recently modified their holdings of IREN. Andra AP fonden acquired a new stake in IREN in the second quarter valued at $218,000. SkyView Investment Advisors LLC bought a new position in IREN during the 2nd quarter worth approximately $823,000. Sequoia Financial Advisors LLC bought a new position in shares of IREN in the 2nd quarter worth about $263,000. MCF Advisors LLC lifted its stake in IREN by 5,159.1% in the second quarter. MCF Advisors LLC now owns 1,157 shares of the company’s stock valued at $53,000 after buying an additional 1,135 shares during the period. Finally, National Pension Service acquired a new position in IREN during the 2nd quarter worth approximately $1,213,000. Institutional investors own 41.08% of the company’s stock.

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.