IREN (NASDAQ:IREN) Trading Down 4% – Time to Sell?

IREN Limited (NASDAQ:IREN)’s share price was down 4% during trading on Friday . The stock traded as low as $39.53 and last traded at $40.30. Approximately 19,977,654 shares traded hands during trading, a decline of 24% from the average daily volume of 26,255,230 shares. The stock had previously closed at $41.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on IREN shares. Weiss Ratings restated a “hold (c)” rating on shares of IREN in a research note on Monday, December 15th. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. Canaccord Genuity Group boosted their price target on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a report on Monday, November 10th. JMP Securities set a $80.00 price objective on IREN in a research report on Wednesday, November 19th. Finally, Jones Trading downgraded shares of IREN from a “buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Twelve research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $67.64.

IREN Stock Down 4.0%

The firm has a 50-day moving average of $50.50 and a two-hundred day moving average of $34.80. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 20.77 and a beta of 4.23. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of IREN during the 3rd quarter worth about $25,000. Quarry LP acquired a new stake in shares of IREN in the 1st quarter valued at $40,000. Allianz SE bought a new stake in shares of IREN in the 3rd quarter worth about $57,000. Sherman Asset Management Inc. acquired a new stake in shares of IREN during the 3rd quarter worth about $59,000. Finally, Advisors Asset Management Inc. increased its position in shares of IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after purchasing an additional 1,839 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.