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

IREN Limited (NASDAQ:IREN)’s stock price dropped 4.8% during mid-day trading on Wednesday . The company traded as low as $38.89 and last traded at $38.89. Approximately 33,597,049 shares were traded during mid-day trading, a decline of 21% from the average session volume of 42,795,457 shares. The stock had previously closed at $40.85.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $79.00 price target on shares of IREN in a report on Tuesday, July 21st. HC Wainwright upped their price objective on shares of IREN from $85.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. B. Riley Financial raised their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Sanford C. Bernstein set a $96.00 target price on IREN in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $82.71.

IREN Stock Performance

The firm has a market cap of $14.73 billion, a P/E ratio of 85.90 and a beta of 4.29. 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 company’s 50-day moving average is $47.04 and its two-hundred day moving average is $46.78.

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 company had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities analysts predict that IREN Limited will post -1.96 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several institutional investors have recently modified their holdings of the business. Marex Group plc raised its stake in IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new position in IREN in the 4th quarter valued at $158,677,000. Clear Street Group Inc. purchased a new position in IREN during the fourth quarter worth about $137,075,000. Situational Awareness LP increased its position in shares of IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after acquiring an additional 2,614,835 shares during 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.