IREN (NASDAQ:IREN) Trading Down 4.6% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s share price fell 4.6% during mid-day trading on Wednesday . The company traded as low as $51.22 and last traded at $51.52. 39,792,157 shares were traded during mid-day trading, a decline of 6% from the average session volume of 42,493,719 shares. The stock had previously closed at $54.02.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IREN. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. Canaccord Genuity Group boosted their target price on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Cantor Fitzgerald boosted their target price on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Thirteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $82.62.

IREN Trading Up 5.4%

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm’s 50 day simple moving average is $51.48 and its 200-day simple moving average is $46.89. The company has a market capitalization of $21.36 billion, a PE ratio of 124.52 and a beta of 4.22.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. As a group, equities research analysts anticipate that IREN Limited will post -1.25 EPS for the current year.

Institutional Investors Weigh In On IREN

Several institutional investors have recently bought and sold shares of the business. Situational Awareness LP grew its stake in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after buying an additional 2,998,214 shares during the period. Marex Group plc lifted its position in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after purchasing an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of IREN during the fourth quarter worth $158,677,000. Value Aligned Research Advisors LLC lifted its position in shares of IREN by 18.6% during the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after purchasing an additional 607,189 shares in the last quarter. Finally, Clear Street Group Inc. acquired a new position in shares of IREN during the fourth quarter worth $137,075,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Company Profile

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.