IREN (NASDAQ:IREN) Trading Down 6.2% – Time to Sell?

Shares of IREN Limited (NASDAQ:IREN) dropped 6.2% on Wednesday . The stock traded as low as $45.52 and last traded at $45.83. Approximately 38,020,427 shares changed hands during trading, an increase of 51% from the average daily volume of 25,114,004 shares. The stock had previously closed at $48.85.

Analyst Upgrades and Downgrades

Several brokerages have commented on IREN. Compass Point reiterated a “buy” rating and issued a $105.00 price target on shares of IREN in a research report on Friday, November 7th. Arete Research began coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. Arete began coverage on shares of IREN in a report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. UBS Group restated a “buy” rating on shares of IREN in a report on Friday, November 7th. Finally, Citigroup assumed coverage on shares of IREN in a research report on Wednesday. They issued an “outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and an average price target of $69.36.

IREN Stock Down 2.8%

The business’s 50 day simple moving average is $53.96 and its 200 day simple moving average is $29.00. The company has a market capitalization of $11.98 billion, a PE ratio of 21.78 and a beta of 4.21. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34.

IREN (NASDAQ:IREN) last released its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. The business had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. As a group, analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Insider Transactions at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Centaurus Financial Inc. boosted its position in IREN by 1.1% during the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after acquiring an additional 332 shares during the period. GM Advisory Group LLC increased its holdings in shares of IREN by 246.4% in the 3rd quarter. GM Advisory Group LLC now owns 40,185 shares of the company’s stock valued at $1,886,000 after purchasing an additional 28,585 shares during the period. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of IREN in the third quarter worth approximately $291,000. Voleon Capital Management LP acquired a new stake in shares of IREN during the third quarter worth approximately $10,878,000. Finally, Voloridge Investment Management LLC grew its position in IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after purchasing an additional 1,545,579 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.