IREN (NASDAQ:IREN) Shares Down 2.3% – Should You Sell?
by Doug Wharley · The Cerbat GemIREN Limited (NASDAQ:IREN – Get Free Report) was down 2.3% during trading on Thursday . The stock traded as low as $51.82 and last traded at $52.26. Approximately 32,678,366 shares were traded during trading, a decline of 21% from the average daily volume of 41,503,156 shares. The stock had previously closed at $53.48.
Wall Street Analysts Forecast Growth
IREN has been the subject of several recent research reports. Citigroup assumed coverage on shares of IREN in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of IREN in a research note on Monday, December 29th. Arete Research assumed coverage on IREN in a research note on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price on the stock. Finally, BTIG Research raised their target price on IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, October 14th. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.36.
Check Out Our Latest Report on IREN
IREN Trading Down 2.3%
The stock has a market cap of $14.81 billion, a PE ratio of 26.94 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company has a 50 day moving average of $45.12 and a two-hundred day moving average of $39.63.
IREN (NASDAQ:IREN – Get Free Report) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.48). IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The business had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. IREN’s quarterly revenue was up 28.3% compared to the same quarter last year. Sell-side analysts anticipate that IREN Limited will post 0.43 earnings per share for the current fiscal year.
Institutional Trading of IREN
Institutional investors have recently modified their holdings of the stock. Hood River Capital Management LLC acquired a new position in shares of IREN during the 2nd quarter worth about $74,228,000. Situational Awareness LP increased its stake in IREN by 90.1% during the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after buying an additional 3,034,254 shares in the last quarter. Voloridge Investment Management LLC raised its holdings in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock valued at $77,555,000 after acquiring an additional 1,545,579 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of IREN by 247.7% during the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after acquiring an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new position in shares of IREN in the second quarter valued at approximately $21,025,000. Institutional investors and hedge funds 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.