IREN (NASDAQ:IREN) Shares Down 4.8% - Should You Sell?

Key Points

• IREN shares fell 4.8% to $38.89, with 33.6 million shares traded—below the stock’s average volume. The company has high volatility, reflected by its 4.29 beta, and trades below its 50-day and 200-day moving averages.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $82.71, despite two sell ratings. Recent targets range from $46 at JPMorgan to $99 at Cantor Fitzgerald.
• IREN’s latest quarter was weaker than expected: it reported an adjusted loss of $0.25 per share versus a $0.22 consensus loss, while revenue of $144.79 million fell short of the $219.69 million estimate. Analysts expect a full-year loss of $1.96 per share.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price traded down 4.8% during trading on Wednesday . The stock traded as low as $38.89 and last traded at $38.89. 33,597,049 shares traded hands during trading, a decline of 21% from the average session volume of 42,795,457 shares. The stock had previously closed at $40.85.

Analyst Ratings Changes

IREN has been the subject of several recent analyst reports. Compass Point reiterated a "buy" rating on shares of IREN in a research note on Tuesday, July 21st. BTIG Research boosted their target price on IREN to $80.00 and gave the stock a "buy" rating in a report on Friday, May 8th. JPMorgan Chase & Co. upped 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. Jefferies Financial Group began coverage on IREN in a report on Thursday, June 18th. They set a "buy" rating and a $79.00 price target on the stock. Finally, Cantor Fitzgerald lifted their price target on shares of IREN from $77.00 to $99.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and an average target price of $82.71.

IREN Trading Down 4.8%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a 50-day simple moving average of $48.14 and a 200 day simple moving average of $47.01. The company has a market capitalization of $13.90 billion, a P/E ratio of 81.02 and a beta of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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. Sell-side analysts expect that IREN Limited will post -1.96 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently made changes to their positions in IREN. GAMMA Investing LLC increased its stake in IREN by 177.5% during the second quarter. GAMMA Investing LLC now owns 691 shares of the company's stock valued at $32,000 after acquiring an additional 442 shares during the period. North Star Investment Management Corp. bought a new stake in shares of IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $27,000. Motco acquired a new stake in shares of IREN during the 4th quarter worth approximately $30,000. Finally, Purpose Unlimited Inc. acquired a new stake in shares of IREN during the 4th quarter worth approximately $34,000. 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.

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