IREN (NASDAQ:IREN) Shares Gap Down on Analyst Downgrade

IREN Limited (NASDAQ:IREN - Get Free Report) shares gapped down before the market opened on Tuesday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $42.04, but opened at $40.72. IREN shares last traded at $41.4490, with a volume of 2,425,493 shares.3 Stocks to Buy for the Evolution of AI InfrastructureSeveral other equities research analysts also recently weighed in on the stock. BTIG Research boosted their target price on shares of IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, October 14th. Cantor Fitzgerald boosted their price target on IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, August 29th. B. Riley reaffirmed a "buy" rating on shares of IREN in a report on Wednesday, October 22nd. HC Wainwright raised their price target on shares of IREN from $45.00 to $56.00 and gave the stock a "sell" rating in a research report on Tuesday, November 4th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $75.00 price objective on shares of IREN in a research note on Thursday, September 25th. Twelve analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $67.64.Read Our Latest Analysis on IRENInstitutional Trading of IREN3 Speculative Stocks to Sell Before the Bottom Drops OutA number of large investors have recently added to or reduced their stakes in IREN. Centaurus Financial Inc. raised its position in IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company's stock valued at $1,477,000 after buying an additional 332 shares during the period. Larson Financial Group LLC increased its stake in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after purchasing an additional 335 shares during the last quarter. Global Retirement Partners LLC bought a new position in IREN during the third quarter valued at about $25,000. SLT Holdings LLC lifted its holdings in IREN by 6.0% in the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company's stock worth $497,000 after purchasing an additional 600 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of IREN by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company's stock worth $1,174,000 after buying an additional 845 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors. IREN Trading Down 1.4%The company has a market capitalization of $11.75 billion, a price-to-earnings ratio of 21.37 and a beta of 4.23. The company has a 50-day moving average price of $51.97 and a 200-day moving average price of $34.47. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN Company Profile (Get Free Report)MarketBeat Week in Review – 11/10 - 11/14IREN 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. Read MoreFive stocks we like better than IRENDo not delete, read immediatelyINVESTOR ALERT: Tiny “$3 AI Wonder Stock” on the Verge of Blasting OffCan Any Expenses Be Deducted From Capital Gains Tax?Buffett, Gates and Bezos Quietly Dumping Stocks—Here's WhyDo you know what Amazon is planning for January 1?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in IREN Right Now?Before you consider IREN, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and IREN wasn't on the list.While IREN currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here