IREN (NASDAQ:IREN) Stock Price Down 13.6% - Time to Sell?

Key Points

• IREN shares fell 13.6% to $29.31, with trading volume 62% above its daily average. The stock is well below its 50-day and 200-day moving averages of $50.13 and $47.46, respectively.
• Despite the selloff, analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $82.71. However, the company recently missed quarterly revenue and EPS estimates and analysts expect a full-year loss.
• Institutional investors own 41.08% of IREN, with several funds increasing their positions. IREN operates bitcoin-mining data centers and has a market capitalization of approximately $10.47 billion.

IREN Limited (NASDAQ:IREN - Get Free Report) traded down 13.6% during mid-day trading on Wednesday . The stock traded as low as $28.93 and last traded at $29.31. 68,973,242 shares changed hands during trading, an increase of 62% from the average daily volume of 42,506,191 shares. The stock had previously closed at $33.93.

Wall Street Analyst Weigh In

IREN has been the subject of a number of analyst reports. HC Wainwright lifted their price objective on shares of IREN from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Compass Point reaffirmed a "buy" rating on shares of IREN in a report on Tuesday, July 21st. Citigroup reiterated a "market outperform" rating on shares of IREN in a research note on Tuesday, July 21st. Cantor Fitzgerald lifted their price target on IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Sanford C. Bernstein set a $96.00 price target on IREN in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $82.71.

IREN Trading Down 13.6%

The business has a 50 day moving average of $50.13 and a two-hundred day moving average of $47.46. The firm has a market cap of $10.47 billion, a P/E ratio of 61.06 and a beta of 4.27. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS 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 for the quarter, compared to the consensus estimate of $219.69 million. Analysts predict that IREN Limited will post -1.96 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Situational Awareness LP grew its stake in shares of IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock valued at $401,036,000 after acquiring an additional 2,998,214 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new stake in IREN in the 1st quarter worth about $20,878,000. Triglav Investments D.O.O. bought a new stake in IREN in the 1st quarter valued at about $871,000. Oppenheimer & Co. Inc. boosted its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock valued at $1,018,000 after purchasing an additional 19,423 shares during the period. Finally, Sanctuary Advisors LLC grew its position in shares of IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock worth $1,746,000 after purchasing an additional 34,129 shares in the last quarter. Institutional investors and hedge funds 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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