IREN (NASDAQ:IREN) Stock Price Down 12.4% on Disappointing Earnings

IREN Limited (NASDAQ:IREN)’s stock price dropped 12.4% on Thursday following a weaker than expected earnings announcement. The company traded as low as $66.67 and last traded at $66.96. Approximately 49,102,572 shares changed hands during mid-day trading, an increase of 101% from the average daily volume of 24,456,287 shares. The stock had previously closed at $76.41.

The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Arete Research initiated coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective on the stock. Cantor Fitzgerald raised their price target on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $24.00 price objective (up from $16.00) on shares of IREN in a report on Friday, September 26th. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Finally, B. Riley restated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $67.58.

Insider Buying and Selling at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.02% of the company’s stock.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of the company. Apollon Wealth Management LLC lifted its stake in shares of IREN by 28.9% in the first quarter. Apollon Wealth Management LLC now owns 20,471 shares of the company’s stock worth $125,000 after buying an additional 4,587 shares in the last quarter. Private Advisor Group LLC lifted its position in IREN by 4,075.5% in the 1st quarter. Private Advisor Group LLC now owns 508,118 shares of the company’s stock valued at $3,094,000 after acquiring an additional 495,949 shares in the last quarter. Phoenix Financial Ltd. lifted its holdings in shares of IREN by 25.6% during the first quarter. Phoenix Financial Ltd. now owns 60,990 shares of the company’s stock valued at $373,000 after purchasing an additional 12,431 shares in the last quarter. Maridea Wealth Management LLC boosted its position in shares of IREN by 57.1% during the first quarter. Maridea Wealth Management LLC now owns 320,167 shares of the company’s stock valued at $1,950,000 after buying an additional 116,408 shares during the last quarter. Finally, US Bancorp DE bought a new stake in IREN in the 1st quarter worth about $69,000. 41.08% of the stock is owned by institutional investors.

IREN Trading Down 0.6%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The firm has a market cap of $16.86 billion, a PE ratio of 31.95 and a beta of 4.21. The stock has a 50-day simple moving average of $49.90 and a two-hundred day simple moving average of $26.27.

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.