IREN (NASDAQ:IREN) Shares Down 3.6% on Analyst Downgrade

IREN Limited (NASDAQ:IREN)’s stock price traded down 3.6% on Thursday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $57.28 and last traded at $58.22. 17,918,898 shares were traded during trading, a decline of 25% from the average session volume of 23,889,121 shares. The stock had previously closed at $60.42.

Other equities research analysts have also issued reports about the stock. Compass Point assumed coverage on shares of IREN in a report on Monday, September 15th. They set a “buy” rating on the stock. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Cantor Fitzgerald increased their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 target price (up from $16.00) on shares of IREN in a report on Friday, September 26th. Finally, Arete Research assumed coverage on shares of IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, IREN presently has a consensus rating of “Hold” and an average target price of $55.27.

Insider Activity at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were 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 owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was 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 the SEC website. Insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new position in shares of IREN during the third quarter worth $25,000. SLT Holdings LLC grew its stake in shares of IREN by 6.0% during the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock worth $497,000 after purchasing an additional 600 shares in the last quarter. Drive Wealth Management LLC raised its stake in IREN by 3.0% during the 2nd quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock worth $596,000 after acquiring an additional 1,179 shares in the last quarter. Wellington Management Group LLP raised its stake in IREN by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after acquiring an additional 1,387 shares in the last quarter. Finally, Vermillion Wealth Management Inc. acquired a new stake in IREN during the 3rd quarter worth $74,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Price Performance

The company’s 50 day moving average is $44.67 and its 200 day moving average is $23.44. 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 stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of 98.68 and a beta of 4.19.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. Research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

IREN Company Profile

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.