IREN (NASDAQ:IREN) Shares Down 2.1% – Should You Sell?

IREN Limited (NASDAQ:IREN) fell 2.1% during trading on Monday . The stock traded as low as $34.88 and last traded at $36.29. Approximately 34,415,596 shares were traded during trading, a decline of 19% from the average session volume of 42,255,652 shares. The stock had previously closed at $37.07.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IREN. The Goldman Sachs Group reissued a “neutral” rating on shares of IREN in a report on Monday, July 20th. JPMorgan Chase & Co. lifted their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Jefferies Financial Group initiated coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective on the stock. B. Riley Financial upped their price objective on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, HC Wainwright increased their price objective on shares of IREN from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $82.71.

IREN Trading Down 2.1%

The business has a fifty day moving average price of $50.69 and a 200-day moving average price of $47.59. 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 has a market cap of $12.97 billion, a P/E ratio of 75.60 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced 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). The firm had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, analysts forecast that IREN Limited will post -1.96 earnings per share for the current year.

Institutional Inflows and Outflows

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