IREN (NASDAQ:IREN) Shares Down 5.4% – Should You Sell?

Shares of IREN Limited (NASDAQ:IREN) were down 5.4% during trading on Tuesday . The stock traded as low as $46.00 and last traded at $47.74. Approximately 37,328,780 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 41,067,563 shares. The stock had previously closed at $50.46.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IREN shares. JPMorgan Chase & Co. upped their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. B. Riley Financial restated a “buy” rating on shares of IREN in a report on Friday, February 6th. Cantor Fitzgerald reduced their target price on shares of IREN to $61.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, BTIG Research increased their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.77.

IREN Stock Performance

The company has a market capitalization of $20.75 billion, a price-to-earnings ratio of 120.96 and a beta of 4.17. 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 stock’s fifty day simple moving average is $45.42 and its 200-day simple moving average is $46.41.

IREN (NASDAQ:IREN) last released its 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 business had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Analysts predict that IREN Limited will post -1.09 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds have recently added to or reduced their stakes in the business. Western Wealth Management LLC increased its position in shares of IREN by 62.4% in the 1st quarter. Western Wealth Management LLC now owns 8,962 shares of the company’s stock valued at $307,000 after purchasing an additional 3,443 shares during the last quarter. Bank of America Corp DE increased its position in shares of IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after purchasing an additional 788,547 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of IREN by 439.4% in the 1st quarter. Janus Henderson Group PLC now owns 34,495 shares of the company’s stock valued at $1,182,000 after purchasing an additional 28,100 shares during the last quarter. Amundi increased its position in shares of IREN by 3,865.8% in the 1st quarter. Amundi now owns 845,113 shares of the company’s stock valued at $28,970,000 after purchasing an additional 823,803 shares during the last quarter. Finally, Situational Awareness LP increased its position in shares of IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Company Profile

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.