IREN (NASDAQ:IREN) Stock Price Down 3.6% – Should You Sell?

IREN Limited (NASDAQ:IREN)’s stock price fell 3.6% on Wednesday . The stock traded as low as $42.21 and last traded at $42.86. 24,564,349 shares were traded during mid-day trading, a decline of 35% from the average session volume of 37,950,621 shares. The stock had previously closed at $44.44.

Analyst Ratings Changes

A number of brokerages have issued reports on IREN. Freedom Capital upgraded IREN to a “hold” rating in a report on Wednesday, April 1st. HC Wainwright upgraded shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Tuesday, January 13th. Cantor Fitzgerald reduced their price objective on shares of IREN to $61.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. Finally, Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, April 22nd. Thirteen analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.08.

IREN Stock Up 0.3%

The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a fifty day simple moving average of $41.70 and a 200-day simple moving average of $47.12.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. The company’s revenue was down 23.1% on a year-over-year basis. On average, research analysts predict that IREN Limited will post -0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Marex Group plc increased its position in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in IREN in the 4th quarter valued at $158,677,000. Clear Street Group Inc. acquired a new position in IREN in the 4th quarter worth $137,075,000. Situational Awareness LP boosted its stake in IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the period. Finally, Quadrature Capital Ltd increased its holdings in IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after purchasing an additional 2,614,835 shares in the last quarter. 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.