IREN (NASDAQ:IREN) Stock Price Down 6.5% – Time to Sell?

IREN Limited (NASDAQ:IREN)’s share price dropped 6.5% on Tuesday . The stock traded as low as $41.58 and last traded at $42.00. Approximately 42,642,558 shares changed hands during trading, a decline of 1% from the average session volume of 42,881,012 shares. The stock had previously closed at $44.90.

Analysts Set New Price Targets

IREN has been the topic of a number of analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $79.00 target price on shares of IREN in a research report on Tuesday, July 21st. Needham & Company LLC reissued a “hold” rating on shares of IREN in a report on Tuesday, July 21st. BTIG Research raised their price objective on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Cantor Fitzgerald lifted their price objective on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of IREN in a research report on Tuesday, July 21st. One investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

IREN Stock Performance

The company’s fifty day simple moving average is $43.84 and its two-hundred day simple moving average is $45.88. The company has a market capitalization of $15.00 billion, a price-to-earnings ratio of 87.96 and a beta of 4.29. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

Hedge Funds Weigh In On IREN

A number of hedge funds have recently bought and sold shares of IREN. CENTRAL TRUST Co raised its stake in IREN by 19.8% during the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after buying an additional 245 shares in the last quarter. Versant Capital Management Inc grew its position in shares of IREN by 14.5% in the 2nd quarter. Versant Capital Management Inc now owns 2,509 shares of the company’s stock worth $115,000 after acquiring an additional 317 shares in the last quarter. Vermillion Wealth Management Inc. increased its holdings in shares of IREN by 19.1% in the 1st quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock valued at $70,000 after acquiring an additional 328 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of IREN by 26.7% in the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after acquiring an additional 335 shares during the last quarter. Finally, Hollencrest Capital Management raised its position in shares of IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after acquiring an additional 350 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.