IREN (NASDAQ:IREN) Shares Down 2.7% – Time to Sell?

IREN Limited (NASDAQ:IREN)’s stock price traded down 2.7% during mid-day trading on Tuesday . The stock traded as low as $58.94 and last traded at $59.18. 31,559,271 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 42,371,977 shares. The stock had previously closed at $60.85.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN completed the Nostrum acquisition, adding 490MW of secured AI data center capacity in Spain and strengthening its European expansion strategy. IREN Completes Acquisition of Nostrum Group Expanding AI Cloud Platform to Europe
• Positive Sentiment: The deal gives IREN a local team and development pipeline, which may help accelerate buildout and execution in a fast-growing European AI infrastructure market. IREN Limited Completes Acquisition of Ingenostrum, S.L., Expanding AI Infrastructure in Europe
• Neutral Sentiment: Additional coverage from data center and crypto-mining outlets highlighted the same acquisition and IREN’s continued shift into AI infrastructure, but did not add materially new facts. Iren completes acquisition of Spanish data center developer Nostrum
• Negative Sentiment: IREN still faces execution risk as it integrates the acquisition and works to develop new capacity, with forward-looking statements warning that growth plans may not be achieved as expected.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Canaccord Genuity Group raised their price target on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research report on Monday, May 11th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. HC Wainwright raised their price target on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Freedom Capital upgraded IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Trading Down 2.7%

The company has a fifty day simple moving average of $52.51 and a two-hundred day simple moving average of $47.06. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $21.15 billion, a P/E ratio of 123.29 and a beta of 4.22.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, sell-side analysts expect that IREN Limited will post -1.25 earnings per share for the current year.

Institutional Trading of IREN

A number of institutional investors have recently modified their holdings of IREN. Marex Group plc lifted its holdings in shares of IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after purchasing an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of IREN in the fourth quarter valued at about $158,677,000. Clear Street Group Inc. bought a new stake in shares of IREN in the fourth quarter valued at about $137,075,000. Situational Awareness LP lifted its holdings in shares of IREN by 90.1% in the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of IREN by 1,022.2% in the fourth quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after purchasing an additional 2,614,835 shares in the last quarter. 41.08% of the stock is currently 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.