Crypto mining company Iren (NASDAQ: IREN) experienced a negative impact on its stock price, losing almost 10% of its value on a day when the S&P 500 index rose by 0.6%. Analyst Reginald Smith of JPMorgan downgraded Iren from neutral to underweight (sell) and reduced the price target to $16 per share. Smith’s move was part of a broader analysis of Bitcoin mining stocks, where he upgraded Riot Platforms to overweight (buy) and downgraded CleanSpark. The analyst’s change in sentiment was due to inflated expectations for Iren’s future expansion.

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Read more at Nasdaq, Inc.: Why Iren Stock Plummeted by Nearly 10% on Friday