IREN (NASDAQ:IREN) Stock Price Down 5.1% - Time to Sell?

Key Points

• Price drop: IREN fell 5.1% to $46.32 on Thursday on light volume (6.65M shares vs. a 37.6M average), trading just below its 200-day moving average of $47.58.
• Earnings miss: The company reported Q results with EPS of -$0.44 versus -$0.07 expected and revenue of $184.69M (vs. $229.64M consensus), with revenue down 23.1% year-over-year.
• Analyst view: Despite mixed notes (Goldman neutral $39, Canaccord buy $70, Weiss upgraded to hold, Wall Street Zen downgraded to strong sell), the consensus rating is a "Moderate Buy" with a $70.08 target.

IREN Limited (NASDAQ:IREN - Get Free Report) dropped 5.1% during trading on Thursday . The stock traded as low as $46.76 and last traded at $46.3170. Approximately 6,652,411 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 37,606,508 shares. The stock had previously closed at $48.82.

Analyst Upgrades and Downgrades

IREN has been the subject of several analyst reports. Weiss Ratings upgraded IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. Wall Street Zen downgraded IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. The Goldman Sachs Group initiated 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. Freedom Capital upgraded IREN to a "hold" rating in a research note on Wednesday, April 1st. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $70.00 target price on shares of IREN in a research note on Tuesday, February 10th. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $70.08.

IREN Trading Down 3.0%

The stock has a market cap of $15.73 billion, a P/E ratio of 35.53 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The stock has a 50-day moving average price of $40.55 and a 200-day moving average price of $47.58.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company's revenue was down 23.1% on a year-over-year basis. On average, equities research analysts expect that IREN Limited will post 0.43 EPS for the current year.

Institutional Trading of IREN

Large investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in shares of IREN during the 3rd quarter valued at about $25,000. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. bought a new stake in IREN in the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new stake in IREN in the 4th quarter worth approximately $27,000. Finally, Aventura Private Wealth LLC bought a new stake in IREN in the 4th quarter worth approximately $28,000. Institutional investors 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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