IREN (NASDAQ:IREN) Shares Down 2.7% – Should You Sell?

IREN Limited (NASDAQ:IREN) dropped 2.7% on Tuesday . The company traded as low as $58.94 and last traded at $59.18. 31,559,271 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 42,371,977 shares. The stock had previously closed at $60.85.

Analysts Set New Price Targets

IREN has been the topic of several analyst reports. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. Cantor Fitzgerald lifted their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Sanford C. Bernstein set a $96.00 price target on IREN in a research note on Thursday, June 4th. BTIG Research upped their price target on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their price objective on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. Fourteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and an average price target of $82.36.

IREN Price Performance

The stock has a market capitalization of $21.43 billion, a PE ratio of 124.92 and a beta of 4.22. The firm’s fifty day moving average price is $53.46 and its two-hundred day moving average price is $47.20. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last issued its earnings results 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). The company had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, equities analysts predict that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Trading of IREN

Several large investors have recently modified their holdings of the company. Rathbones Group PLC increased its position in IREN by 31.7% during the first quarter. Rathbones Group PLC now owns 26,321 shares of the company’s stock valued at $902,000 after acquiring an additional 6,333 shares during the last quarter. Pine Valley Investments Ltd Liability Co lifted its holdings in IREN by 14.3% in the first quarter. Pine Valley Investments Ltd Liability Co now owns 30,560 shares of the company’s stock valued at $1,048,000 after acquiring an additional 3,813 shares during the period. NewEdge Advisors LLC boosted its position in IREN by 5.7% in the first quarter. NewEdge Advisors LLC now owns 29,461 shares of the company’s stock worth $1,010,000 after purchasing an additional 1,588 shares during the last quarter. Western Wealth Management LLC boosted its position in IREN by 62.4% in the first quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock worth $307,000 after purchasing an additional 3,443 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of IREN by 58.4% during the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after purchasing an additional 788,547 shares during the period. Institutional investors own 41.08% of the company’s stock.

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.