IREN (NASDAQ:IREN) Stock Price Down 4.7% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s share price dropped 4.7% during mid-day trading on Monday . The company traded as low as $48.48 and last traded at $50.46. Approximately 42,741,473 shares changed hands during trading, an increase of 4% from the average daily volume of 41,103,137 shares. The stock had previously closed at $52.94.

Analyst Ratings Changes

IREN has been the subject of several research reports. Wall Street Zen downgraded shares of IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Freedom Capital raised shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. BTIG Research boosted their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Cantor Fitzgerald cut their price target on IREN to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $71.77.

IREN Trading Down 4.7%

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 company’s 50-day moving average is $44.32 and its 200 day moving average is $46.64. The company has a market cap of $18.03 billion, a price-to-earnings ratio of 105.13 and a beta of 4.17.

IREN (NASDAQ:IREN) last posted 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. Research analysts predict that IREN Limited will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IREN. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of IREN during the third quarter worth about $1,854,000. Wealth Enhancement Advisory Services LLC lifted its stake in IREN by 88.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after buying an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in IREN in the 3rd quarter worth about $2,995,000. Oppenheimer & Co. Inc. boosted its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after buying an additional 19,423 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after buying an additional 34,129 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.