IREN (NASDAQ:IREN) Stock Price Down 9.6% – Should You Sell?

Shares of IREN Limited (NASDAQ:IREN) fell 9.6% on Thursday . The company traded as low as $37.25 and last traded at $37.45. 35,913,356 shares were traded during trading, a decline of 9% from the average session volume of 39,300,527 shares. The stock had previously closed at $41.43.

Analysts Set New Price Targets

IREN has been the subject of several analyst reports. Canaccord Genuity Group restated a “buy” rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. The Goldman Sachs Group initiated coverage on shares of IREN in a research report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price objective on the stock. HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Tuesday, January 13th. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.69.

IREN Stock Performance

The firm has a 50 day moving average of $45.74 and a 200-day moving average of $47.56. The company has a market cap of $12.44 billion, a P/E ratio of 28.16 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The firm had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. The firm’s revenue was down 23.1% on a year-over-year basis. As a group, sell-side analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several large investors have recently modified their holdings of the business. Purpose Unlimited Inc. purchased a new stake in shares of IREN in the 4th quarter worth approximately $34,000. Corient Private Wealth LLC bought a new stake in IREN during the 4th quarter valued at $220,000. Caitong International Asset Management Co. Ltd boosted its position in IREN by 134,143.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 251,035 shares of the company’s stock valued at $9,482,000 after acquiring an additional 250,848 shares in the last quarter. Kera Capital Partners Inc. bought a new stake in IREN during the 4th quarter valued at $167,000. Finally, Walser Wealth Management Company A Ltd Liability Co purchased a new position in shares of IREN in the 4th quarter valued at $246,000. Institutional investors own 41.08% of the company’s stock.

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.