IREN (NASDAQ:IREN) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of IREN (NASDAQ:IREN) from a hold rating to a sell rating in a research note published on Monday.

Several other equities analysts have also issued reports on the company. Macquarie raised their price target on IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. HC Wainwright raised their target price on shares of IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a report on Tuesday, November 4th. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. BTIG Research upped their price target on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of IREN from $28.00 to $39.00 and gave the stock 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 given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.64.

IREN Stock Performance

NASDAQ IREN opened at $42.05 on Monday. The company has a 50-day simple moving average of $50.90 and a two-hundred day simple moving average of $34.75. IREN has a 12-month low of $5.13 and a 12-month high of $76.87. The firm has a market cap of $11.92 billion, a price-to-earnings ratio of 21.67 and a beta of 4.23. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IREN. Hudson Bay Capital Management LP purchased a new stake in shares of IREN in the 3rd quarter worth about $1,089,000. Value Aligned Research Advisors LLC lifted its holdings in IREN by 18.6% in the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after buying an additional 607,189 shares during the period. Allworth Financial LP purchased a new stake in IREN in the third quarter worth about $651,000. Steadtrust LLC bought a new stake in IREN during the 3rd quarter valued at approximately $1,159,000. Finally, CIBC Private Wealth Group LLC raised its position in shares of IREN by 113.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock worth $75,000 after acquiring an additional 850 shares in the last quarter. 41.08% of the stock is currently 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.