IREN (NASDAQ:IREN) Shares Down 5.5% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s share price traded down 5.5% during mid-day trading on Thursday . The stock traded as low as $59.68 and last traded at $61.86. 46,761,490 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 42,183,621 shares. The stock had previously closed at $65.48.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a transmission connection agreement for a planned 800MW data center campus in South Australia, reinforcing its pivot toward AI infrastructure and utility-scale power capacity. Article Title
• Positive Sentiment: B. Riley raised its price target on IREN Limited (IREN) to $96 from $88 and kept a buy rating, signaling greater confidence in the company’s AI data center strategy. Article Title
• Neutral Sentiment: Coverage this week highlighted IREN’s recent surge and asked whether the stock can keep climbing after a strong run, but also noted risks tied to falling bitcoin-mining revenue, impairment charges, and competition in AI data centers. Article Title
• Neutral Sentiment: IREN’s new Australia campus has also sparked debate about the size of the AI opportunity versus execution risk, with investors weighing the long-term upside of the power buildout against the capital intensity of the project. Article Title
• Negative Sentiment: IREN was pressured by a broader move lower in crypto-related equities as bitcoin weakened, which hurt miner sentiment and weighed on the stock intraday. Article Title

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. BTIG Research lifted their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Cantor Fitzgerald lifted their target price on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. B. Riley Financial lifted their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Thirteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, IREN has an average rating of “Moderate Buy” and a consensus price target of $82.62.

IREN Trading Down 5.5%

The stock has a market capitalization of $22.11 billion, a PE ratio of 128.88 and a beta of 4.22. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a 50 day moving average price of $49.14 and a 200-day moving average price of $46.44.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Sell-side analysts expect that IREN Limited will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC grew its position in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the period. North Star Investment Management Corp. bought a new stake in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in IREN during the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new stake in IREN during the fourth quarter valued at approximately $28,000. Finally, Motco bought a new stake in IREN during the fourth quarter valued at approximately $30,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.