IREN (NASDAQ:IREN) Stock Price Down 6.1% – Should You Sell?

IREN Limited (NASDAQ:IREN) was down 6.1% during mid-day trading on Tuesday . The company traded as low as $37.55 and last traded at $38.85. Approximately 31,027,934 shares were traded during trading, a decline of 26% from the average daily volume of 41,712,813 shares. The stock had previously closed at $41.39.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IREN shares. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. HC Wainwright raised IREN from a “sell” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Tuesday, January 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. The Goldman Sachs Group began coverage on IREN in a research report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday, November 24th. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and an average target price of $71.69.

IREN Stock Down 6.1%

The firm’s fifty day moving average is $46.72 and its 200-day moving average is $45.60. The stock has a market capitalization of $12.91 billion, a PE ratio of 29.21 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $229.64 million. IREN’s revenue for the quarter was down 23.1% on a year-over-year basis. On average, equities research analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IREN

A number of large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in IREN in the 3rd quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC grew its position in shares of IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after purchasing an additional 53,982 shares during the period. Meridian Wealth Management LLC purchased a new stake in shares of IREN in the third quarter valued at $2,995,000. X Square Capital LLC increased its stake in IREN by 129.9% in the second quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock valued at $6,352,000 after purchasing an additional 246,333 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new position in IREN during the second quarter worth about $74,228,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.