IREN (NASDAQ:IREN) Shares Down 8.1% Following Analyst Downgrade

Shares of IREN Limited (NASDAQ:IREN) traded down 8.1% on Monday after B. Riley Financial lowered their price target on the stock from $91.00 to $64.00. B. Riley Financial currently has a buy rating on the stock. IREN traded as low as $21.86 and last traded at $22.02. 47,904,717 shares changed hands during trading, an increase of 10% from the average daily volume of 43,653,113 shares. The stock had previously closed at $23.95.

A number of other equities research analysts have also commented on IREN. Northland Securities initiated coverage on shares of IREN in a report on Friday, September 18th. They set an “outperform” rating and a $99.00 price objective on the stock. JPMorgan Chase & Co. raised shares of IREN from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $46.00 to $65.00 in a research note on Monday, September 14th. Freedom Capital upgraded IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Sanford C. Bernstein restated an “outperform” rating and issued a $100.00 price target on shares of IREN in a report on Thursday, August 13th. Finally, Citigroup restated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.86.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Situational Awareness LP lifted its stake in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of IREN by 58.4% in the first quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after purchasing an additional 788,547 shares during the last quarter. Swiss National Bank acquired a new position in shares of IREN in the first quarter valued at $33,032,000. Amundi raised its position in shares of IREN by 3,865.8% in the first quarter. Amundi now owns 845,113 shares of the company’s stock valued at $28,970,000 after purchasing an additional 823,803 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of IREN during the 1st quarter worth about $20,878,000. Institutional investors own 41.08% of the company’s stock.

IREN Stock Down 8.1%

The firm has a market cap of $8.68 billion, a P/E ratio of -9.41 and a beta of 4.33. The firm’s fifty day moving average is $37.79 and its 200 day moving average is $44.41. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN’s operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.