IREN (NASDAQ:IREN) Stock Price Down 17.4% - Time to Sell?

Key Points

• IREN shares fell 17.4% on Wednesday to as low as $43.91 (last $44.94) on heavy trading of about 65.46M shares, roughly 48% above average volume.
• Wall Street remains broadly positive — 13 Buys, 5 Holds and 1 Sell leave an average rating of "Moderate Buy" and an average price target of $69.36, though targets range from Goldman Sachs' $39 (neutral) to Citizens JMP's $80 (outperform).
• Latest quarter missed estimates: IREN reported EPS of $(0.34) vs $0.14 expected and revenue of $240.3M vs $244.6M, but revenue was up 28.3% year-over-year and the company shows strong liquidity (current ratio 5.52) and low leverage (D/E 0.34).

IREN Limited (NASDAQ:IREN - Get Free Report) shares dropped 17.4% on Wednesday . The stock traded as low as $43.91 and last traded at $44.94. Approximately 65,456,561 shares changed hands during mid-day trading, an increase of 48% from the average daily volume of 44,321,570 shares. The stock had previously closed at $54.39.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IREN. The Goldman Sachs Group started coverage on IREN in a research note on Thursday, December 18th. They issued a "neutral" rating and a $39.00 target price for the company. Canaccord Genuity Group lifted their price objective on IREN from $42.00 to $70.00 and gave the company a "buy" rating in a report on Monday, November 10th. B. Riley reissued a "buy" rating on shares of IREN in a research note on Wednesday, October 22nd. Citizens Jmp initiated coverage on shares of IREN in a report on Wednesday, November 19th. They set a "market outperform" rating and a $80.00 target price on the stock. Finally, Citigroup initiated coverage on shares of IREN in a report on Wednesday, November 19th. They issued an "outperform" rating for the company. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $69.36.

IREN Price Performance

The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50 day simple moving average of $46.85 and a 200 day simple moving average of $42.25. The stock has a market cap of $12.74 billion, a P/E ratio of 23.16 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.48). The business had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The company's revenue was up 28.3% compared to the same quarter last year. Sell-side analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Hood River Capital Management LLC bought a new stake in IREN during the second quarter worth $74,228,000. Situational Awareness LP increased its stake in shares of IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Voloridge Investment Management LLC raised its holdings in shares of IREN by 1,444.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company's stock valued at $77,555,000 after purchasing an additional 1,545,579 shares during the period. Marshall Wace LLP raised its holdings in shares of IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company's stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the period. Finally, Merewether Investment Management LP acquired a new stake in IREN in the 2nd quarter valued at about $21,025,000. 41.08% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.