IREN (NASDAQ:IREN) Shares Down 9.3% – Should You Sell?

Shares of IREN Limited (NASDAQ:IREN) traded down 9.3% during mid-day trading on Tuesday . The stock traded as low as $39.20 and last traded at $39.81. Approximately 39,802,593 shares were traded during trading, a decline of 6% from the average session volume of 42,188,961 shares. The stock had previously closed at $43.91.

IREN News Summary

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Freedom Capital upgraded IREN to strong-buy, reinforcing the bullish case for the stock and highlighting substantial upside potential. Zacks.com
• Positive Sentiment: Reports that IREN may be a contender for Anthropic’s reported A$22 billion Australian AI cloud tender increased optimism that the company could land a transformative AI infrastructure contract. Article
• Positive Sentiment: Analyst commentary framing IREN as a top data-center stock to buy, including a Bernstein Buy rating and a high price target, added to the momentum around the shares. Article
• Neutral Sentiment: Industry coverage comparing IREN with other AI infrastructure names, including CoreWeave and Nebius, kept attention on the company’s long-term positioning in the AI buildout. Article
• Neutral Sentiment: Broader articles about AI infrastructure demand and former bitcoin miners pivoting into data centers supported the market’s view that IREN’s assets could become more valuable over time. Article
• Negative Sentiment: Despite the bullish catalyst, IREN’s recent earnings history has been weak, with a prior EPS miss and revenue below expectations, reminding investors that execution still needs to improve.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IREN shares. Cantor Fitzgerald lifted their price target on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. The Goldman Sachs Group set a $50.00 price target on IREN in a research note on Wednesday, May 27th. Sanford C. Bernstein set a $96.00 price objective on shares of IREN in a research report on Thursday, June 4th. Finally, Canaccord Genuity Group upped their price target on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average price target of $82.36.

IREN Price Performance

The business’s 50-day moving average price is $54.55 and its 200 day moving average price is $47.68. The stock has a market capitalization of $14.23 billion, a PE ratio of 82.94 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. Research analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently made changes to their positions in the stock. Invesco Ltd. increased its stake in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the period. StoneX Group Inc. acquired a new position in IREN in the 2nd quarter valued at about $158,000. NewEdge Advisors LLC grew its position in shares of IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after buying an additional 30,736 shares in the last quarter. Sei Investments Co. purchased a new position in IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp raised its position in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other 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.