IREN (NASDAQ:IREN) Shares Down 1.5% – Should You Sell?

Shares of IREN Limited (NASDAQ:IREN) fell 1.5% on Thursday . The company traded as low as $39.27 and last traded at $41.37. 29,327,452 shares traded hands during trading, a decline of 28% from the average session volume of 40,784,484 shares. The stock had previously closed at $41.98.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent analyst reports. Citigroup began coverage on IREN in a report on Wednesday, November 19th. They issued an “outperform” rating for the company. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Citizens Jmp set a $80.00 price target on shares of IREN in a report on Wednesday, November 19th. HC Wainwright upgraded shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $70.00 price objective on shares of IREN in a report on Tuesday, February 10th. Thirteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $71.69.

IREN Price Performance

The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The stock has a market capitalization of $13.75 billion, a PE ratio of 31.11 and a beta of 4.31. The company’s fifty day simple moving average is $46.65 and its two-hundred day simple moving average is $46.39.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm’s revenue was down 23.1% compared to the same quarter last year. As a group, sell-side analysts predict that IREN Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently bought and sold shares of IREN. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of IREN in the third quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC increased its position in IREN by 88.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock worth $5,408,000 after purchasing an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in IREN during the 3rd quarter worth about $2,995,000. Hood River Capital Management LLC acquired a new position in IREN in the 2nd quarter valued at about $74,228,000. Finally, Beryl Capital Management LLC acquired a new position in IREN in the 2nd quarter valued at about $5,828,000. 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.