IREN (NASDAQ:IREN) Trading Down 2.5% – Time to Sell?

IREN Limited (NASDAQ:IREN) shares fell 2.5% during trading on Tuesday . The company traded as low as $40.22 and last traded at $41.12. 29,248,753 shares traded hands during trading, a decline of 26% from the average session volume of 39,486,707 shares. The stock had previously closed at $42.16.

Analyst Ratings Changes

A number of research analysts have recently weighed in on IREN shares. Cantor Fitzgerald dropped their target price on IREN to $82.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. B. Riley Financial reissued a “buy” rating on shares of IREN in a research report on Friday, February 6th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 9th. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 13th. Thirteen 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Stock Performance

The company’s 50-day simple moving average is $45.74 and its 200 day simple moving average is $47.56. The stock 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 current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51.

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

Institutional Investors Weigh In On IREN

Several large investors have recently made changes to their positions in IREN. Centaurus Financial Inc. boosted its holdings in shares of IREN by 1.1% in the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after buying an additional 332 shares during the last quarter. Larson Financial Group LLC increased its holdings in IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after buying an additional 335 shares during the last quarter. Vise Technologies Inc. increased its holdings in IREN by 7.9% during the fourth quarter. Vise Technologies Inc. now owns 5,780 shares of the company’s stock worth $218,000 after buying an additional 424 shares during the last quarter. Miller Wealth Advisors LLC raised its position in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after acquiring an additional 480 shares during the period. Finally, Global Retirement Partners LLC bought a new stake in IREN in the third quarter worth about $25,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.