IREN (NASDAQ:IREN) Trading Down 4.9% – Should You Sell?

IREN Limited (NASDAQ:IREN) shares fell 4.9% during mid-day trading on Monday . The company traded as low as $39.60 and last traded at $39.81. Approximately 31,170,042 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 42,920,281 shares. The stock had previously closed at $41.88.

Analysts Set New Price Targets

Several analysts have recently commented on IREN shares. Weiss Ratings cut IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 7th. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $79.00 price objective on shares of IREN in a research note on Tuesday, July 21st. Citigroup restated a “market outperform” rating on shares of IREN in a research report on Tuesday, July 21st. Finally, Jefferies Financial Group began coverage on IREN in a research note on Thursday, June 18th. They set a “buy” rating and a $79.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.00.

IREN Stock Up 6.0%

The business has a fifty day moving average of $42.44 and a 200 day moving average of $45.61. The stock has a market cap of $15.09 billion, a price-to-earnings ratio of 87.94 and a beta of 4.29. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

Institutional Trading of IREN

Large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System raised its holdings in shares of IREN by 6,197.8% during the 2nd quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock valued at $1,050,102,000 after purchasing an additional 22,598,469 shares in the last quarter. Situational Awareness LP boosted its holdings in IREN by 34.5% in the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after purchasing an additional 2,998,214 shares in the last quarter. Marex Group plc boosted its holdings in IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after purchasing an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in IREN in the fourth quarter worth $158,677,000. Finally, Clear Street Group Inc. acquired a new position in IREN during the fourth quarter worth $137,075,000. 41.08% of the stock is owned by 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.