IREN (NASDAQ:IREN) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of IREN (NASDAQ:IREN) from a hold rating to a sell rating in a report published on Saturday morning.

Several other equities research analysts have also commented on IREN. Roth Capital set a $94.00 price objective on shares of IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. Compass Point restated a “buy” rating and set a $105.00 target price on shares of IREN in a research report on Friday, November 7th. Jones Trading lowered shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Macquarie raised their price objective on shares of IREN to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of IREN in a research note on Monday, December 1st. Twelve research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and a consensus target price of $69.85.

IREN Stock Performance

Shares of IREN stock opened at $46.34 on Friday. The stock has a fifty day moving average price of $55.17 and a 200 day moving average price of $32.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a market cap of $13.14 billion, a PE ratio of 23.89 and a beta of 4.23. IREN has a 1 year low of $5.13 and a 1 year high of $76.87.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE acquired a new position in IREN in the first quarter valued at $69,000. Charles Schwab Investment Management Inc. grew its holdings in IREN by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock valued at $4,927,000 after buying an additional 98,190 shares during the period. Chicago Partners Investment Group LLC increased its stake in shares of IREN by 19.4% during the 1st quarter. Chicago Partners Investment Group LLC now owns 66,016 shares of the company’s stock valued at $434,000 after acquiring an additional 10,722 shares during the last quarter. Headlands Technologies LLC lifted its holdings in shares of IREN by 331.7% during the 1st quarter. Headlands Technologies LLC now owns 108,198 shares of the company’s stock worth $659,000 after acquiring an additional 83,135 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of IREN by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock worth $123,000 after acquiring an additional 2,035 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About IREN

IREN 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.