IREN Stock Dives 14% Today Ahead Of Q2 Earnings As Retail Calls The Move ‘Market Manipulation’ – What Are Analysts Expecting?

The company is expected to post a revenue of $227.33 million, a more than 100% jump from a year-ago quarter, according to data from Stocktwits.

• It is expected to post a wider loss of $0.10 per share, compared to a loss of $0.08 per share from the same quarter, year-ago. 
• The weakness in bitcoin has been weighing on companies like IREN who provide services in the cryptocurrency sector. 
• Retail sentiment around IREN trended in ‘bullish’ amid ‘high’ message volume on Stocktwits. 

IREN stock nosedived 14% on Wednesday as investors await its second quarter earnings. 

The stock has caught retail’s attention as they call the stock move a ‘manipulation in the market’ and expects a pullback before earnings are reported.  

Q2 Preview

The company is expected to post a revenue of $227.33 million, more than 100% jump from a year-ago quarter, according to data from Stocktwits. 

It is expected to post a wider loss of $0.10 per share, compared to a loss of $0.08 per share from the same quarter, year-ago. 

How Did Stocktwits Users React?

Retail sentiment around IREN trended in ‘bullish’ amid ‘high’ message volume on Stocktwits. 

One user said that every single earnings report of IREN for the last 2 years there has been a run up before earnings. This will be the first time there is no run up if the price doesn't recover, they noted. 

One bullish user said that IREN stock is caught in the “scam of ‘AI is a bubble’ again”

Another user said that stock is down as it is following bitcoin.

Bitcoin Weakness

The weakness in bitcoin has been weighing on companies like IREN which provides services in the cryptocurrency sector. 

At the time of writing Bitcoin’s price fell 3.2% to $73,801 levels, after recovering earlier in the day as it continues to fall as investors steer clear of riskier assets. The rout has worsened since Trump announced Kevin Warsh as the nominee to become next federal Reserve chair. 

The cryptocurrency has been struggling to break above the $80,000 mark after the weekend flash crash and is currently almost 40% below its record high of over $126,000 seen in October last year. 

Shares in IREN have rallied 325% over the past 12 months.