IREN (NASDAQ:IREN) Trading Down 5.2% – Time to Sell?

Shares of IREN Limited (NASDAQ:IREN) were down 5.2% during trading on Monday . The stock traded as low as $56.30 and last traded at $56.87. Approximately 34,700,009 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 42,263,570 shares. The stock had previously closed at $59.96.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. HC Wainwright increased their target price on shares of IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. 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 report on Thursday, May 28th. The Goldman Sachs Group set a $50.00 price target on shares of IREN in a research report on Wednesday, May 27th. Finally, B. Riley Financial lifted their price objective on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $82.36.

IREN Stock Down 5.2%

The firm’s fifty day moving average price is $54.40 and its 200-day moving average price is $47.37. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 118.48 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN) last issued 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. Sell-side analysts expect that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Several large investors have recently modified their holdings of the business. Situational Awareness LP raised 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 purchasing an additional 2,998,214 shares during the last quarter. Marex Group plc lifted its holdings in IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after buying an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of IREN in the 4th quarter valued at about $158,677,000. Value Aligned Research Advisors LLC grew its position in shares of IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after buying an additional 607,189 shares during the last quarter. Finally, Clear Street Group Inc. acquired a new stake in shares of IREN in the fourth quarter valued at about $137,075,000. Institutional investors own 41.08% of the company’s stock.

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.