IREN (NASDAQ:IREN) Stock Price Down 2.8% – Time to Sell?

IREN Limited (NASDAQ:IREN) was down 2.8% on Tuesday . The stock traded as low as $38.12 and last traded at $38.30. Approximately 18,901,570 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 26,202,068 shares. The stock had previously closed at $39.41.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on IREN shares. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. The Goldman Sachs Group started coverage on shares of IREN in a report on Thursday, December 18th. They set a “neutral” rating and a $39.00 target price on the stock. Citigroup started coverage on shares of IREN in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a report on Monday, November 24th. Twelve equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.64.

IREN Price Performance

The stock’s 50-day moving average is $49.70 and its 200 day moving average is $35.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a market capitalization of $10.86 billion, a PE ratio of 19.74 and a beta of 4.23.

Institutional Trading of IREN

A number of large investors have recently made changes to their positions in IREN. Hood River Capital Management LLC acquired a new position in IREN during the second quarter worth approximately $74,228,000. Situational Awareness LP boosted its holdings 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 valued at $93,254,000 after acquiring an additional 3,034,254 shares during the period. Voloridge Investment Management LLC grew its position in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after acquiring an additional 1,545,579 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after acquiring an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP acquired a new position in shares of IREN in the 2nd quarter valued at $21,025,000. 41.08% of the stock is 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.