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

IREN Limited (NASDAQ:IREN - Get Free Report) traded down 1.8% during mid-day trading on Friday . The company traded as low as $17.69 and last traded at $17.72. 13,216,401 shares were traded during mid-day trading, a decline of 21% from the average session volume of 16,775,403 shares. The stock had previously closed at $18.05.

Analyst Ratings Changes

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

IREN Trading Down 3.4%

The company has a fifty day simple moving average of $11.53 and a two-hundred day simple moving average of $9.63.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share 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 the consensus estimate of $153.38 million. On average, equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On IREN

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. bought a new position in shares of IREN in the fourth quarter worth about $587,000. Farther Finance Advisors LLC increased its stake in shares of IREN by 57.3% in the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock worth $104,000 after purchasing an additional 5,700 shares during the period. Bank of America Corp DE increased its stake in shares of IREN by 46.5% in the fourth quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after purchasing an additional 59,250 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of IREN by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after purchasing an additional 7,646 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of IREN in the first quarter worth about $592,000. 41.08% of the stock is currently owned by institutional investors.

IREN Company Profile

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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