IREN (NASDAQ:IREN) Trading Down 2.5% - Time to Sell?

Key Points

• IREN shares fell 2.5% to about $37.93 in midday trading, with volume below the stock’s average. The company has a high beta of 4.29 and trades at a P/E ratio of 79.02.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $82.71, although ratings range from “Strong Buy” to “Sell.” Recent targets include $80 from BTIG and $99 from Cantor Fitzgerald.
• IREN’s latest quarterly results missed expectations: adjusted loss per share was $0.25 versus an expected $0.22 loss, while revenue of $144.79 million fell short of the $219.69 million consensus estimate.

Shares of IREN Limited (NASDAQ:IREN - Get Free Report) were down 2.5% during mid-day trading on Thursday . The company traded as low as $37.08 and last traded at $37.93. Approximately 30,766,491 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 42,726,777 shares. The stock had previously closed at $38.89.

Analysts Set New Price Targets

IREN has been the topic of several research reports. Citigroup restated a "market outperform" rating on shares of IREN in a research report on Tuesday, July 21st. BTIG Research boosted their price objective on shares of IREN to $80.00 and gave the stock a "buy" rating in a report on Friday, May 8th. JPMorgan Chase & Co. upped their target price on shares of IREN from $39.00 to $46.00 and gave the company an "underweight" rating in a research note on Monday, May 11th. Cantor Fitzgerald raised their price target on IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Finally, The Goldman Sachs Group reissued a "neutral" rating on shares of IREN in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $82.71.

IREN Stock Down 2.5%

The business has a 50-day moving average price of $47.56 and a 200 day moving average price of $46.92. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $13.56 billion, a P/E ratio of 79.02 and a beta of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. On average, equities analysts expect that IREN Limited will post -1.96 EPS for the current fiscal year.

Institutional Trading of IREN

A number of large investors have recently modified their holdings of IREN. North Star Investment Management Corp. purchased a new stake in shares of IREN in the 4th quarter worth $26,000. Clearstead Trust LLC bought a new stake in IREN during the fourth quarter valued at about $27,000. Motco bought a new stake in IREN during the fourth quarter valued at about $30,000. GAMMA Investing LLC grew its stake in IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company's stock valued at $32,000 after purchasing an additional 442 shares during the last quarter. Finally, Purpose Unlimited Inc. purchased a new position in IREN in the fourth quarter valued at about $34,000. Hedge funds and other 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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