IREN (NASDAQ:IREN) Trading Down 3.8% – Should You Sell?

IREN Limited (NASDAQ:IREN) traded down 3.8% during trading on Tuesday . The stock traded as low as $52.75 and last traded at $54.72. 32,033,076 shares were traded during mid-day trading, a decline of 24% from the average session volume of 42,145,555 shares. The stock had previously closed at $56.87.

Analyst Upgrades and Downgrades

IREN has been the topic of several research analyst reports. Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. HC Wainwright lifted their price objective on IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, May 11th. The Goldman Sachs Group set a $50.00 target price on IREN in a research report on Wednesday, May 27th. Finally, Sanford C. Bernstein set a $96.00 price target on IREN in a research note on Thursday, June 4th. Fourteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Stock Performance

The stock has a market cap of $19.56 billion, a PE ratio of 114.00 and a beta of 4.22. 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 stock has a 50-day moving average of $54.80 and a 200 day moving average of $47.48.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Equities analysts predict that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently modified their holdings of IREN. Invesco Ltd. raised its stake in IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares during the period. StoneX Group Inc. acquired a new stake in shares of IREN during the 2nd quarter worth approximately $158,000. NewEdge Advisors LLC increased its holdings in shares of IREN by 245.0% during the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after buying an additional 30,736 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of IREN during the 2nd quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp raised its position in shares of IREN by 30.0% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 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.