IREN (NASDAQ:IREN) Shares Down 1.7% – Time to Sell?

IREN Limited (NASDAQ:IREN)’s stock price traded down 1.7% during mid-day trading on Thursday . The company traded as low as $40.35 and last traded at $40.58. Approximately 40,101,070 shares traded hands during trading, a decline of 5% from the average session volume of 42,361,660 shares. The stock had previously closed at $41.28.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Alphabet’s higher AI capital spending forecast helped lift sentiment across AI infrastructure names, including IREN, as investors expect more demand for compute capacity and related services. Nebius, CoreWeave, IREN Stocks Rises After Alphabet Raises AI Capex Forecast
• Positive Sentiment: Canaccord Genuity reiterated a Buy rating on IREN, reinforcing the view that the company’s AI expansion and contract wins support further upside. Canaccord Genuity Group Reaffirms Buy Rating for IREN (NASDAQ:IREN)
• Positive Sentiment: Recent coverage highlighted IREN’s shift from Bitcoin mining to AI infrastructure, with multiple reports pointing to major AI contract wins and a higher annualized run-rate revenue target above $4 billion. IREN: From A Bitcoin Miner To An AI Infrastructure Play
• Neutral Sentiment: Some commentary suggests investors may prefer other AI names despite IREN’s momentum, indicating the stock’s rerating is still being debated. IREN Stock: Why I’m Still Choosing Nebius
• Neutral Sentiment: Other recent pieces focused on whether the stock remains attractive after its sharp move higher, which may temper enthusiasm but also reflects strong market interest in the AI story. Is Iren Stock Still a Buy After It Surges 20% on New Contracts?
• Negative Sentiment: Given the recent surge and elevated valuation expectations, some investors may be taking profits or questioning whether the rally has moved ahead of fundamentals. Iren wins $4b in new business as share inflows eclipse tech giants

Analyst Ratings Changes

A number of research firms have commented on IREN. Needham & Company LLC restated a “hold” rating on shares of IREN in a research note on Tuesday. B. Riley Financial upped their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Canaccord Genuity Group reissued a “buy” rating and issued a $79.00 price objective on shares of IREN in a research note on Tuesday. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Finally, Sanford C. Bernstein set a $96.00 target price on shares of IREN in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average target price of $82.71.

IREN Trading Down 1.7%

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 50-day moving average is $51.36 and its two-hundred day moving average is $47.69. The stock has a market cap of $14.50 billion, a P/E ratio of 84.54 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Equities research analysts anticipate that IREN Limited will post -1.25 EPS for the current year.

Hedge Funds Weigh In On IREN

Several institutional investors have recently added to or reduced their stakes in the company. Situational Awareness LP raised its holdings in shares of IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares in the last quarter. Marex Group plc boosted its position in shares of IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of IREN in the fourth quarter valued at $158,677,000. Clear Street Group Inc. purchased a new position in shares of IREN in the fourth quarter valued at $137,075,000. Finally, Value Aligned Research Advisors LLC increased its position in IREN by 10.9% in the third quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock worth $169,979,000 after purchasing an additional 355,826 shares during the last quarter. Hedge funds and other 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.