IREN Stock Is Slipping Thursday: What's Going On?

IREN Limited IREN stock is trading lower on Thursday. The company reported third-quarter earnings after the bell on Wednesday.

What To Know: IREN reported earnings per share of 11 cents, missing the consensus estimate of 14 cents. In addition, IREN reported sales of $148.10 million, missing the consensus estimate of $159.37 million.

The company broke down its revenue, reporting a 24% quarter-over-quarter increase in Bitcoin BTC/USD mining revenue to $141.2 million. AI Cloud services revenue rose 33% from the second quarter to $3.6 million.

Daniel Roberts, co-founder and co-CEO of IREN, said, "We're pleased to report another quarter of strong EBITDA and net profit. Our focus on large-scale data center sites continues to drive rapid growth and strong margins.”

IREN mined 1,514 Bitcoin during the quarter with an average operating hashrate of 29.4 EH/s. The company hit 40 EH/s on April 16 and expects to reach 50 EH/s by June 30.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Macquarie analyst Paul Golding maintained an Outperform rating on IREN and raised the price target from $15.5 to $20.
• HC Wainwright & Co. analyst Mike Colonnese maintained a Buy rating on IREN and lowered the price target from $22 to $21.

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IREN Price Action: At the time of writing, IREN shares are trading 7.09% lower at $7.40, according to data from Benzinga Pro.

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