IREN (NASDAQ:IREN) Stock Price Down 1.2% - Should You Sell?

Key Points

• Shares fell about 1.2% midday to $53.08 on volume of ~40.6M shares (about 7% below the average); the stock has a market cap of $15.05B and a high beta (4.26), indicating elevated volatility.
• Analysts hold a consensus "Moderate Buy" rating with an average price target of $69.36 (13 Buys, 5 Holds, 1 Sell).
• IREN reported an EPS miss last quarter (‑$0.34 vs. $0.14 expected) and revenue of $240.3M (slightly below estimates) despite 28.3% YoY revenue growth; the company shows strong liquidity (quick/current ratio 5.52) and modest leverage (debt/equity 0.34).

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) traded down 1.2% during mid-day trading on Monday . The stock traded as low as $49.63 and last traded at $53.08. 40,591,000 shares were traded during mid-day trading, a decline of 7% from the average session volume of 43,576,410 shares. The stock had previously closed at $53.74.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a report on Saturday, January 17th. UBS Group reissued a "buy" rating on shares of IREN in a report on Friday, November 7th. Citigroup started coverage on IREN in a research report on Wednesday, November 19th. They issued an "outperform" rating on the stock. Compass Point reaffirmed a "buy" rating and set a $105.00 price target on shares of IREN in a research report on Friday, November 7th. Finally, Macquarie raised their price objective on shares of IREN to $86.00 and gave the stock an "outperform" rating in a report on Wednesday, October 22nd. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.36.

IREN Trading Down 1.2%

The stock has a market capitalization of $15.05 billion, a PE ratio of 27.36 and a beta of 4.26. The stock's 50 day moving average price is $46.62 and its 200-day moving average price is $41.75. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48). The firm had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm's quarterly revenue was up 28.3% on a year-over-year basis. On average, sell-side analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Situational Awareness LP raised its position in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock valued at $93,254,000 after buying an additional 3,034,254 shares during the last quarter. Hood River Capital Management LLC purchased a new position in IREN during the second quarter valued at $74,228,000. Value Aligned Research Advisors LLC increased its holdings in IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company's stock valued at $181,776,000 after acquiring an additional 607,189 shares during the last quarter. Invesco Ltd. increased its holdings in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after acquiring an additional 936,333 shares during the last quarter. Finally, UBS Group AG lifted its stake in IREN by 37.3% in the 3rd quarter. UBS Group AG now owns 2,767,452 shares of the company's stock worth $129,877,000 after purchasing an additional 751,635 shares in the last quarter. 41.08% of the stock is currently owned by 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.

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