IREN (NASDAQ:IREN) Shares Down 3.1% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s share price fell 3.1% during trading on Monday. The stock traded as low as $39.97 and last traded at $40.48. 32,657,511 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 42,267,453 shares. The stock had previously closed at $41.76.

Analyst Ratings Changes

IREN has been the subject of several research reports. B. Riley Financial reduced their price objective on shares of IREN from $96.00 to $91.00 and set a “buy” rating for the company in a research report on Tuesday, September 29th. Compass Point reiterated a “buy” rating and issued a $85.00 target price on shares of IREN in a report on Friday, August 28th. Citigroup reissued a “market outperform” rating on shares of IREN in a research note on Friday, August 28th. Rothschild & Co Redburn assumed coverage on shares of IREN in a report on Monday, September 21st. They set a “neutral” rating and a $40.00 target price for the company. Finally, Morgan Stanley cut shares of IREN to a “buy” rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

IREN Trading Up 2.0%

The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80. The stock has a market cap of $16.27 billion, a price-to-earnings ratio of -17.64 and a beta of 4.26. The company has a fifty day simple moving average of $41.78 and a 200-day simple moving average of $45.78.

Institutional Investors Weigh In On IREN

A number of large investors have recently made changes to their positions in the company. Situational Awareness LP boosted its stake in IREN by 34.5% in 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 during the period. Clear Street Group Inc. acquired a new position in IREN in the 4th quarter valued at approximately $137,075,000. Bank of America Corp DE increased its stake in IREN by 58.4% in 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 buying an additional 788,547 shares during the period. Capital Research Global Investors purchased a new stake in IREN in the 4th quarter worth approximately $38,730,000. Finally, Swiss National Bank purchased a new stake in IREN in the 1st quarter worth approximately $33,032,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.