IREN (NASDAQ:IREN) Stock Price Down 1.8% - Should You Sell?

Key Points

• IREN Limited experienced a 1.8% decrease in stock price, with recent trading at $60.72 after hitting a low of $57.64 during the day.
• Recent analyst upgrades report a majority "buy" ratings with price targets increasing, including a notable raise from HC Wainwright to $36.00 and Sanford C. Bernstein to $75.00.
• CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, representing a 6.67% decrease in his ownership position.

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price was down 1.8% during mid-day trading on Friday . The company traded as low as $57.64 and last traded at $60.72. Approximately 37,878,006 shares changed hands during mid-day trading, an increase of 62% from the average daily volume of 23,429,424 shares. The stock had previously closed at $61.83.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HC Wainwright raised their price objective on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Sanford C. Bernstein reissued an "outperform" rating and issued a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Roth Capital reissued a "buy" rating and issued a $35.00 price objective on shares of IREN in a research report on Friday, August 29th. B. Riley raised their price objective on IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of IREN in a research report on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $51.64.

IREN Trading Down 1.8%

The stock has a 50-day simple moving average of $36.63 and a 200 day simple moving average of $19.64. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 102.92 and a beta of 4.19.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. As a group, equities research analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.02% of the company's stock.

Hedge Funds Weigh In On IREN

A number of institutional investors have recently modified their holdings of the stock. Sandbox Financial Partners LLC purchased a new position in shares of IREN during the 3rd quarter valued at about $228,000. Apollon Wealth Management LLC raised its stake in shares of IREN by 45.0% during the 3rd quarter. Apollon Wealth Management LLC now owns 22,946 shares of the company's stock valued at $1,077,000 after buying an additional 7,116 shares during the last quarter. CWM LLC purchased a new position in shares of IREN during the 3rd quarter valued at about $165,000. Fiduciary Planning LLC purchased a new position in shares of IREN during the 3rd quarter valued at about $312,000. Finally, OLD National Bancorp IN purchased a new position in shares of IREN during the 3rd quarter valued at about $329,000. 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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