IREN (NASDAQ:IREN) Trading Down 2.8% – Should You Sell?

Shares of IREN Limited (NASDAQ:IREN) were down 2.8% during trading on Monday . The company traded as low as $43.89 and last traded at $45.91. 34,006,997 shares were traded during trading, a decline of 19% from the average session volume of 42,073,887 shares. The stock had previously closed at $47.21.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group set a $50.00 target price on shares of IREN in a research note on Wednesday, May 27th. B. Riley Financial boosted their price objective on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Freedom Capital raised shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Jefferies Financial Group initiated coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective for the company. Finally, 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. Fourteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $82.36.

IREN Trading Down 2.8%

The firm’s fifty day simple moving average is $55.23 and its 200 day simple moving average is $47.61. The stock has a market capitalization of $16.41 billion, a P/E ratio of 95.65 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share 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 for the quarter, compared to the consensus estimate of $219.69 million. As a group, equities research analysts forecast that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Trading of IREN

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC boosted its position in IREN by 240.0% during 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 during the period. North Star Investment Management Corp. acquired a new position in IREN in the 4th quarter valued at approximately $26,000. Clearstead Trust LLC bought a new position in shares of IREN during the fourth quarter valued at $27,000. Aventura Private Wealth LLC acquired a new position in shares of IREN during the fourth quarter worth $28,000. Finally, Motco acquired a new position in shares of IREN during the fourth quarter worth $30,000. 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.