IREN (NASDAQ:IREN) Stock Price Down 6.6% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s share price fell 6.6% during trading on Tuesday . The company traded as low as $45.44 and last traded at $45.0550. 13,571,625 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 29,788,674 shares. The stock had previously closed at $48.24.

Analyst Ratings Changes

Several brokerages have recently commented on IREN. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Canaccord Genuity Group upped their target price on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, B. Riley restated a “buy” rating on shares of IREN in a research note on Wednesday, October 22nd. Twelve investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.64.

IREN Stock Performance

The firm’s fifty day moving average price is $47.98 and its 200-day moving average price is $36.65. The company has a market cap of $12.69 billion, a P/E ratio of 23.02 and a beta of 4.25. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $240.30 million for the quarter, compared to analyst estimates of $244.60 million. IREN’s revenue was up 28.3% compared to the same quarter last year. As a group, research analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IREN. Global Retirement Partners LLC bought a new position in IREN in the 3rd quarter valued at $25,000. Allianz SE acquired a new stake in shares of IREN during the third quarter worth $57,000. Sherman Asset Management Inc. bought a new stake in IREN in the third quarter valued at about $59,000. Advisors Asset Management Inc. lifted its stake in IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after buying an additional 1,839 shares during the period. Finally, Banque Cantonale Vaudoise bought a new position in IREN during the third quarter worth about $67,000. 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.