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

IREN Limited (NASDAQ:IREN) shares dropped 1.8% on Friday . The company traded as low as $57.64 and last traded at $60.72. Approximately 37,878,006 shares changed hands during mid-day trading, an increase of 62% from the average daily volume of 23,429,424 shares. The stock had previously closed at $61.83.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of research analyst reports. BTIG Research boosted their target price on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Compass Point initiated coverage on shares of IREN in a research note on Monday, September 15th. They issued a “buy” rating on the stock. HC Wainwright boosted their target price on shares of IREN from $21.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Roth Capital reiterated a “buy” rating and issued a $35.00 target price on shares of IREN in a research note on Friday, August 29th. Finally, B. Riley boosted their target price on shares of IREN from $22.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.64.

IREN Trading Down 1.8%

The firm’s 50-day moving average price is $37.47 and its 200-day moving average price is $20.11. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The company has a market cap of $16.51 billion, a P/E ratio of 102.92 and a beta of 4.19.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The company had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. As a group, equities research analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.02% of the company’s stock.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC bought a new stake in IREN during the 3rd quarter worth approximately $165,000. Advisors Asset Management Inc. increased its holdings in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares during the period. Sandbox Financial Partners LLC bought a new stake in IREN during the 3rd quarter worth approximately $228,000. Dynamic Advisor Solutions LLC bought a new stake in IREN during the 3rd quarter worth approximately $246,000. Finally, DKM Wealth Management Inc. bought a new stake in IREN during the 3rd quarter worth approximately $287,000. Institutional investors own 41.08% of the company’s stock.

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.