IREN (NASDAQ:IREN) Shares Down 2.1% – Time to Sell?

Shares of IREN Limited (NASDAQ:IREN) were down 2.1% during trading on Friday . The company traded as low as $55.56 and last traded at $56.83. Approximately 35,352,440 shares traded hands during trading, a decline of 14% from the average daily volume of 41,138,809 shares. The stock had previously closed at $58.06.

Analysts Set New Price Targets

A number of analysts have recently commented on IREN shares. Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, April 22nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 price target on shares of IREN in a report on Tuesday, February 10th. HC Wainwright increased their price target on IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. BTIG Research increased their price target on IREN to $80.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Cantor Fitzgerald lowered their price target on IREN to $61.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.77.

IREN Trading Down 2.1%

The stock has a market capitalization of $20.31 billion, a price-to-earnings ratio of 118.40 and a beta of 4.17. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm has a fifty day moving average of $45.72 and a 200-day moving average of $46.48.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. As a group, equities analysts predict that IREN Limited will post -1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC boosted its position in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares during the last quarter. North Star Investment Management Corp. purchased a new position in IREN in the 4th quarter valued at about $26,000. Clearstead Trust LLC purchased a new position in IREN in the 4th quarter valued at about $27,000. Aventura Private Wealth LLC purchased a new position in IREN in the 4th quarter valued at about $28,000. Finally, Motco purchased a new position in IREN in the 4th quarter valued at about $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.