IREN (NASDAQ:IREN) Shares Down 3.5% - Time to Sell?

IREN Limited (NASDAQ:IREN - Get Free Report)'s stock price dropped 3.5% during trading on Tuesday . The stock traded as low as $16.83 and last traded at $16.67. Approximately 6,267,334 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 16,813,789 shares. The stock had previously closed at $17.28.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on IREN shares. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Macquarie lifted their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $23.00 price objective on shares of IREN in a report on Friday, May 16th. B. Riley reaffirmed a "buy" rating and set a $22.00 price objective (up from $15.00) on shares of IREN in a report on Thursday, July 10th. Finally, HC Wainwright dropped their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.44.

IREN Price Performance

The business's 50-day simple moving average is $11.31 and its 200-day simple moving average is $9.58.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. The company had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. As a group, equities research analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Several hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in IREN by 11.7% during the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock worth $80,000 after acquiring an additional 1,387 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in IREN by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company's stock worth $123,000 after acquiring an additional 2,035 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in IREN by 5.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company's stock worth $892,000 after acquiring an additional 3,307 shares in the last quarter. TRU Independence Asset Management 2 LLC boosted its stake in IREN by 22.1% during the first quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company's stock worth $123,000 after acquiring an additional 3,670 shares in the last quarter. Finally, Belpointe Asset Management LLC boosted its stake in IREN by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock worth $152,000 after acquiring an additional 4,465 shares in the last quarter. Institutional investors own 41.08% of the company's stock.

About IREN

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.