IREN (NASDAQ:IREN) Shares Down 13.6% – Time to Sell?

IREN Limited (NASDAQ:IREN) traded down 13.6% during mid-day trading on Wednesday . The company traded as low as $28.93 and last traded at $29.31. Approximately 68,973,242 shares changed hands during mid-day trading, an increase of 62% from the average session volume of 42,506,191 shares. The stock had previously closed at $33.93.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IREN shares. The Goldman Sachs Group reiterated a “neutral” rating on shares of IREN in a research report on Monday, July 20th. JPMorgan Chase & Co. increased their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. HC Wainwright raised their price objective on IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Compass Point reaffirmed a “buy” rating on shares of IREN in a report on Tuesday, July 21st. Finally, Jefferies Financial Group assumed coverage on IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.71.

IREN Trading Down 3.5%

The firm’s 50-day simple moving average is $49.26 and its 200 day simple moving average is $47.29. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The firm has a market capitalization of $13.19 billion, a price-to-earnings ratio of 77.59 and a beta of 4.27.

IREN (NASDAQ:IREN) last issued its earnings results 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). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. Equities analysts expect that IREN Limited will post -1.96 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Situational Awareness LP increased its position in IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after purchasing an additional 2,998,214 shares in the last quarter. Marex Group plc boosted its position in IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after buying an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of IREN during the fourth quarter worth $158,677,000. Clear Street Group Inc. bought a new stake in shares of IREN during the fourth quarter worth $137,075,000. Finally, Value Aligned Research Advisors LLC increased its holdings in shares of IREN by 10.9% during the third quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock worth $169,979,000 after buying an additional 355,826 shares in the last quarter. Institutional investors and hedge funds 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.