Why Iren Stock Plummeted by Nearly 10% on Friday

Although the performance of stocks never depends entirely on the opinions of analysts, those market professionals can have quite an impact at times. More than once this week, crypto mining company Iren (NASDAQ: IREN) experienced that dynamic.Unfortunately, on Friday, this turned negative for the stock, and it lost almost 10% of its value. This occurred on a day for stocks that was broadly positive, with the benchmark S&P 500 index creeping up by 0.6%.That's because the day's analyst take wasn't positive. It came from Reginald Smith of JPMorgan Chase's corporate and investment banking unit, J.P. Morgan. Smith downgraded his recommendation on Iren from neutral to underweight (sell, in other words). He also cut his price target rather assertively, reducing it to $16 per share from his preceding $24. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool