IREN (NASDAQ:IREN) Stock Price Down 12.7% - Time to Sell?

Key Points

• IREN shares plunged 12.7% on Thursday to about $48.65 (intraday low $48.03) on roughly 48 million shares traded — about 94% above average — after closing at $55.70 the prior session.
• Analysts are mixed: 11 Buys, 3 Holds and 3 Sells, with MarketBeat showing an average rating of Hold and an average price target of $67.58, implying potential upside from current levels.
• IREN, a bitcoin-mining data center operator, has a $13.23B market cap, P/E of 25.08 and strong liquidity (current/quick ratio 5.52), and notable insider activity — the CEO sold 1,000,000 shares in September; insiders own about 5%.

IREN Limited (NASDAQ:IREN - Get Free Report)'s share price fell 12.7% during trading on Thursday . The company traded as low as $48.03 and last traded at $48.65. 48,048,373 shares were traded during mid-day trading, an increase of 94% from the average session volume of 24,826,732 shares. The stock had previously closed at $55.70.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on IREN shares. Canaccord Genuity Group upped their price target on IREN from $42.00 to $70.00 and gave the company a "buy" rating in a report on Monday. Compass Point restated a "buy" rating and set a $105.00 target price on shares of IREN in a research note on Friday, November 7th. Cantor Fitzgerald lifted their price target on shares of IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. BTIG Research increased their price objective on shares of IREN from $32.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. Finally, Arete initiated coverage on shares of IREN in a report on Wednesday, September 24th. They issued a "buy" rating and a $78.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $67.58.

IREN Trading Down 12.7%

The company has a market capitalization of $13.23 billion, a P/E ratio of 25.08 and a beta of 4.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The stock has a fifty day moving average of $51.69 and a 200 day moving average of $27.21.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. As a group, equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 5.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IREN

A number of institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in shares of IREN in the 3rd quarter worth about $25,000. Quarry LP purchased a new stake in IREN in the 1st quarter worth about $40,000. Allianz SE bought a new stake in IREN in the third quarter worth about $57,000. Sherman Asset Management Inc. purchased a new position in shares of IREN during the third quarter valued at approximately $59,000. Finally, Delta Financial Group Inc. bought a new position in shares of IREN during the first quarter valued at approximately $61,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

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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