IREN (NASDAQ:IREN) Shares Down 5.5% – Should You Sell?

IREN Limited (NASDAQ:IREN) fell 5.5% during mid-day trading on Thursday . The stock traded as low as $59.68 and last traded at $61.86. 46,761,490 shares traded hands during trading, an increase of 11% from the average session volume of 42,183,621 shares. The stock had previously closed at $65.48.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a transmission connection agreement for a planned 800MW data center campus in South Australia, reinforcing its pivot toward AI infrastructure and utility-scale power capacity. Article Title
• Positive Sentiment: B. Riley raised its price target on IREN Limited (IREN) to $96 from $88 and kept a buy rating, signaling greater confidence in the company’s AI data center strategy. Article Title
• Neutral Sentiment: Coverage this week highlighted IREN’s recent surge and asked whether the stock can keep climbing after a strong run, but also noted risks tied to falling bitcoin-mining revenue, impairment charges, and competition in AI data centers. Article Title
• Neutral Sentiment: IREN’s new Australia campus has also sparked debate about the size of the AI opportunity versus execution risk, with investors weighing the long-term upside of the power buildout against the capital intensity of the project. Article Title
• Negative Sentiment: IREN was pressured by a broader move lower in crypto-related equities as bitcoin weakened, which hurt miner sentiment and weighed on the stock intraday. Article Title

Analysts Set New Price Targets

A number of research firms have weighed in on IREN. JPMorgan Chase & Co. upped their price target on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. BTIG Research upped their price target on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Wall Street Zen lowered shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Cantor Fitzgerald upped their price target on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group set a $50.00 price target on shares of IREN in a research report on Wednesday, May 27th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Stock Down 5.5%

The firm has a market capitalization of $22.11 billion, a PE ratio of 128.88 and a beta of 4.22. The business’s 50 day simple moving average is $49.14 and its 200 day simple moving average is $46.44. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. On average, equities research analysts forecast that IREN Limited will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently made changes to their positions in the business. Miller Wealth Advisors LLC grew its stake in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN in the 4th quarter worth about $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter worth about $27,000. Aventura Private Wealth LLC bought a new stake in shares of IREN in the 4th quarter worth about $28,000. Finally, Motco bought a new position in IREN during the 4th quarter valued at about $30,000. 41.08% of the stock is owned by hedge funds and other 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.