IREN (NASDAQ:IREN) Stock Price Down 8.5% - Time to Sell?

Key Points

• IREN Limited's stock price fell 8.5% during mid-day trading, closing at $18.94 after reaching an intraday low of $19.24.
• Despite the recent drop, several Wall Street analysts have issued a mixed outlook, with ratings ranging from Strong Buy to Hold and an average target price of $20.89.
• Institutional investors have shown increased confidence in IREN, with hedge funds like Situational Awareness LP growing their stake by 90.1% in the second quarter.

IREN Limited (NASDAQ:IREN - Get Free Report) traded down 8.5% during mid-day trading on Tuesday . The company traded as low as $19.24 and last traded at $18.94. 13,698,955 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 18,767,055 shares. The stock had previously closed at $20.71.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IREN. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Macquarie upped their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. HC Wainwright dropped their price objective on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. JPMorgan Chase & Co. restated a "neutral" rating and set a $16.00 price target (up from $12.00) on shares of IREN in a report on Monday, July 28th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of IREN in a research note on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.89.

IREN Stock Down 9.6%

The company has a fifty day moving average of $15.52 and a 200-day moving average of $10.66.

Institutional Investors Weigh In On IREN

Several hedge funds have recently made changes to their positions in IREN. Situational Awareness LP grew its stake in IREN by 90.1% in the second 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 in the last quarter. Hood River Capital Management LLC bought a new stake in IREN during the second quarter worth approximately $74,228,000. Invesco Ltd. increased its holdings in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after buying an additional 936,333 shares in the last quarter. Vident Advisory LLC increased its holdings in shares of IREN by 0.6% in the first quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock valued at $18,006,000 after buying an additional 18,794 shares in the last quarter. Finally, Regal Partners Ltd increased its holdings in shares of IREN by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after buying an additional 822,251 shares in the last quarter. Institutional investors and hedge funds 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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