IREN (NASDAQ:IREN) Shares Down 1.8% – Time to Sell?

IREN Limited (NASDAQ:IREN) traded down 1.8% during mid-day trading on Wednesday . The company traded as low as $57.71 and last traded at $58.11. 35,678,570 shares changed hands during trading, a decline of 16% from the average session volume of 42,350,238 shares. The stock had previously closed at $59.18.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IREN. Cantor Fitzgerald lifted their price target on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. raised their target price on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Canaccord Genuity Group lifted their target price on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, The Goldman Sachs Group set a $50.00 price target on shares of IREN in a research report on Wednesday, May 27th. Fourteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.36.

IREN Price Performance

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $21.43 billion, a PE ratio of 124.92 and a beta of 4.22. The business’s 50 day simple moving average is $53.94 and its 200 day simple moving average is $47.29.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.79 million during the quarter, compared to analyst estimates of $219.69 million. As a group, analysts forecast that IREN Limited will post -1.25 EPS for the current year.

Hedge Funds Weigh In On IREN

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

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.