IREN (NASDAQ:IREN) Stock Price Down 6% – Time to Sell?

IREN Limited (NASDAQ:IREN) fell 6% during trading on Monday . The stock traded as low as $38.69 and last traded at $38.74. Approximately 31,267,045 shares changed hands during trading, a decline of 27% from the average session volume of 42,608,047 shares. The stock had previously closed at $41.23.

Analyst Upgrades and Downgrades

IREN has been the topic of several research reports. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. BTIG Research boosted their price target on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. 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 research note on Wednesday, July 22nd. JPMorgan Chase & Co. increased their target price on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group initiated coverage on shares of IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.71.

IREN Trading Down 6.0%

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 has a market cap of $13.84 billion, a price-to-earnings ratio of 80.71 and a beta of 4.29. The business has a 50 day simple moving average of $46.59 and a two-hundred day simple moving average of $46.67.

IREN (NASDAQ:IREN) last issued 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 during the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, equities analysts anticipate that IREN Limited will post -1.96 EPS for the current year.

Institutional Trading of IREN

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Situational Awareness LP boosted its position in IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of IREN during the 1st quarter valued at about $20,878,000. Triglav Investments D.O.O. bought a new stake in IREN during the first quarter worth approximately $871,000. Oppenheimer & Co. Inc. boosted its stake in shares of IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after acquiring an additional 19,423 shares in the last quarter. Finally, Sanctuary Advisors LLC boosted its position in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after purchasing an additional 34,129 shares during the period. 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.