IREN (NASDAQ:IREN) Stock Price Down 2.8% – Time to Sell?
by Michael Walen · The Markets DailyIREN Limited (NASDAQ:IREN – Get Free Report) shares dropped 2.8% during mid-day trading on Monday . The stock traded as low as $43.89 and last traded at $45.91. 34,006,997 shares changed hands during trading, a decline of 19% from the average daily volume of 42,073,887 shares. The stock had previously closed at $47.21.
Analyst Ratings Changes
Several analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of 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 shares of IREN to a “hold” rating in a report on Wednesday, April 1st. B. Riley Financial boosted their target price on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Jefferies Financial Group assumed coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price target on the stock. Finally, HC Wainwright increased their price target on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average price target of $82.36.
Check Out Our Latest Stock Analysis on IREN
IREN Stock Performance
The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The firm has a fifty day simple moving average of $55.14 and a 200 day simple moving average of $47.61. The company has a market capitalization of $15.48 billion, a price-to-earnings ratio of 90.14 and a beta of 4.22.
IREN (NASDAQ:IREN – Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. On average, analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.
Hedge Funds Weigh In On IREN
A number of large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC grew its position in shares of IREN by 240.0% in the fourth 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. acquired a new position in shares of IREN during the 4th quarter worth 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 acquired a new stake in IREN in the 4th quarter worth about $30,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.
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.