IREN (NASDAQ:IREN) Stock Price Down 4.8% – Time to Sell?

IREN Limited (NASDAQ:IREN) shares traded down 4.8% on Wednesday . The company traded as low as $38.89 and last traded at $38.89. Approximately 33,597,049 shares traded hands during trading, a decline of 21% from the average daily volume of 42,795,457 shares. The stock had previously closed at $40.85.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent research reports. B. Riley Financial increased their price objective on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Cantor Fitzgerald lifted their target price on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Weiss Ratings cut shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 7th. Needham & Company LLC reissued a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Finally, HC Wainwright raised their price target on shares of IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.71.

IREN Stock Performance

The company has a market capitalization of $13.90 billion, a P/E ratio of 81.02 and a beta of 4.29. The stock has a fifty day simple moving average of $48.14 and a 200-day simple moving average of $47.01. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last posted its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share 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 $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. Equities analysts forecast that IREN Limited will post -1.96 EPS for the current year.

Institutional Trading of IREN

Several large investors have recently added to or reduced their stakes in the company. Situational Awareness LP increased its holdings in shares of IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after buying an additional 2,998,214 shares in the last quarter. Marex Group plc grew its position in IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in IREN during the 4th quarter worth approximately $158,677,000. Clear Street Group Inc. acquired a new stake in IREN during the 4th quarter valued at $137,075,000. Finally, Value Aligned Research Advisors LLC increased its holdings in IREN by 10.9% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock valued at $169,979,000 after purchasing an additional 355,826 shares in the last quarter. 41.08% of the stock is owned by institutional investors.

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.