IREN (NASDAQ:IREN) Stock Price Down 9.9% – Time to Sell?

Shares of IREN Limited (NASDAQ:IREN) were down 9.9% during trading on Monday . The stock traded as low as $30.76 and last traded at $31.62. Approximately 41,322,101 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 39,112,273 shares. The stock had previously closed at $35.09.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IREN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. Zacks Research raised shares of IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Cantor Fitzgerald decreased their target price on shares of IREN to $82.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. The Goldman Sachs Group began coverage on shares of IREN in a research note on Thursday, December 18th. They issued a “neutral” rating and a $39.00 target price on the stock. Finally, HC Wainwright raised shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price target for the company in a research report on Tuesday, January 13th. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and a consensus target price of $71.69.

IREN Stock Down 9.9%

The business has a 50-day simple moving average of $45.00 and a two-hundred day simple moving average of $47.77. The stock has a market capitalization of $10.51 billion, a P/E ratio of 23.77 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51.

IREN (NASDAQ:IREN) last issued its quarterly earnings data 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). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. IREN’s revenue was down 23.1% compared to the same quarter last year. Equities research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of IREN in the third quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC raised its position in IREN by 88.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock worth $5,408,000 after purchasing an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC acquired a new position in IREN during the 3rd quarter worth $2,995,000. Hood River Capital Management LLC acquired a new position in IREN during the 2nd quarter worth $74,228,000. Finally, Beryl Capital Management LLC bought a new position in IREN in the 2nd quarter valued at $5,828,000. 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.