IREN (NASDAQ:IREN) Shares Down 1% - Time to Sell?

Key Points

• IREN shares slipped 1% in midday trading, with the stock last at $38.59 after trading as low as $37.04. Volume was below average at 35.0 million shares, down 17% from the typical session.
• Analyst sentiment is mixed but still constructive overall: the stock carries a consensus rating of “Moderate Buy” with a consensus price target of $82.36, though some firms remain cautious, including JPMorgan’s “underweight” and Weiss Ratings’ recent downgrade to “sell.”
• Recent fundamentals were weaker than expected, as IREN reported a quarterly loss of $0.25 per share versus estimates of a $0.22 loss and revenue of $144.79 million versus expectations of $219.69 million. The company, which operates bitcoin mining data centers, also has high volatility with a beta of 4.27.

IREN Limited (NASDAQ:IREN - Get Free Report) shares were down 1% during mid-day trading on Tuesday . The stock traded as low as $37.04 and last traded at $38.59. 35,004,528 shares were traded during trading, a decline of 17% from the average session volume of 41,932,840 shares. The stock had previously closed at $38.98.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on IREN from $39.00 to $46.00 and gave the stock an "underweight" rating in a research report on Monday, May 11th. Weiss Ratings lowered IREN from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 7th. Sanford C. Bernstein set a $96.00 target price on IREN in a research note on Thursday, June 4th. The Goldman Sachs Group set a $50.00 price target on IREN in a report on Wednesday, May 27th. Finally, Jefferies Financial Group assumed coverage on IREN in a research report on Thursday, June 18th. They set a "buy" rating and a $79.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $82.36.

IREN Trading Down 1.0%

The firm has a market capitalization of $13.79 billion, a price-to-earnings ratio of 80.40 and a beta of 4.27. The business's fifty day moving average is $54.01 and its 200 day moving average is $47.75. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN - Get Free Report) last announced its 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 company had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. Equities analysts predict that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC increased its stake in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. acquired a new position in IREN during the 4th quarter worth about $26,000. Clearstead Trust LLC acquired a new position in IREN in the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new stake in IREN during the 4th quarter valued at $28,000. Finally, Motco purchased a new position in IREN during the fourth quarter worth about $30,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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