IREN (NASDAQ:IREN) Stock Price Down 4.7% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s stock price was down 4.7% during mid-day trading on Monday . The company traded as low as $48.48 and last traded at $50.46. Approximately 42,741,473 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 41,103,137 shares. The stock had previously closed at $52.94.

Analyst Ratings Changes

Several research firms recently commented on IREN. BTIG Research increased 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 dropped their target price on shares of IREN to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. The Goldman Sachs Group reissued a “neutral” rating and issued a $44.00 price target on shares of IREN in a research note on Friday, May 8th. JPMorgan Chase & Co. boosted 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. Finally, Freedom Capital raised shares of IREN to a “hold” rating in a research note on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.77.

IREN Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock’s fifty day moving average is $44.32 and its 200-day moving average is $46.64. The stock has a market cap of $18.03 billion, a PE ratio of 105.13 and a beta of 4.17.

IREN (NASDAQ:IREN) last posted its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities analysts anticipate that IREN Limited will post -1.09 EPS for the current year.

Institutional Investors Weigh In On IREN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in IREN during the third quarter worth about $1,854,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after purchasing an additional 53,982 shares during the period. Meridian Wealth Management LLC acquired a new position in shares of IREN in the third quarter valued at approximately $2,995,000. Oppenheimer & Co. Inc. increased its stake in IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after buying an additional 19,423 shares during the period. Finally, Sanctuary Advisors LLC increased its stake in IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after buying an additional 34,129 shares during the period. Institutional investors and hedge funds 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.