IREN (NASDAQ:IREN) Stock Price Down 6.3% – Time to Sell?

IREN Limited (NASDAQ:IREN) shares were down 6.3% during trading on Wednesday. The stock traded as low as $38.34 and last traded at $38.69. Approximately 48,985,292 shares traded hands during trading, an increase of 16% from the average daily volume of 42,250,777 shares. The stock had previously closed at $41.28.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IREN shares. Compass Point reissued a “buy” rating and issued a $85.00 price objective on shares of IREN in a report on Friday, August 28th. Freedom Capital upgraded shares of IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Morgan Stanley cut shares of IREN to a “buy” rating in a research note on Wednesday, September 2nd. Sanford C. Bernstein reissued an “outperform” rating and set a $100.00 price objective on shares of IREN in a research report on Thursday, August 13th. Finally, B. Riley Financial dropped their price objective on shares of IREN from $96.00 to $91.00 and set a “buy” rating on the stock in a research note on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average target price of $81.13.

IREN Stock Down 6.3%

The company has a market capitalization of $15.25 billion, a PE ratio of -16.53 and a beta of 4.26. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80. The firm has a 50 day simple moving average of $41.78 and a two-hundred day simple moving average of $45.78.

Hedge Funds Weigh In On IREN

Institutional investors have recently bought and sold shares of the company. Situational Awareness LP increased its stake in shares of IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares during the period. Clear Street Group Inc. purchased a new stake in IREN in the 4th quarter valued at approximately $137,075,000. Bank of America Corp DE boosted its holdings in IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after purchasing an additional 788,547 shares in the last quarter. Capital Research Global Investors acquired a new position in IREN during the 4th quarter worth approximately $38,730,000. Finally, Swiss National Bank acquired a new position in IREN during the 1st quarter worth approximately $33,032,000. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, is a data center company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to use renewable energy and provides the infrastructure needed for energy-intensive digital workloads.

IREN’s operations include bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including graphics processing units (GPUs), for applications such as machine learning and other computational workloads.