IREN (NASDAQ:IREN) Stock Price Down 12.1% – Time to Sell?

Shares of IREN Limited (NASDAQ:IREN) traded down 12.1% during trading on Friday . The stock traded as low as $51.04 and last traded at $54.35. 63,337,938 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 42,383,094 shares. The stock had previously closed at $61.86.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Analysts turned more constructive after IREN secured a transmission connection deal for its planned 800 MW data center campus in South Australia; B. Riley raised its price target to $96, reinforcing the bull case for its AI infrastructure growth story. B. Riley raises IREN price target to $96 after 800 MW South Australia data center agreement
• Positive Sentiment: Recent coverage highlighted IREN’s partnership with Nvidia and its latest quarterly results as key catalysts behind the stock’s strong May run, suggesting continued investor interest in the company’s AI/cloud pivot. Why IREN Limited Rallied Almost 40% in May

Analyst Ratings Changes

IREN has been the subject of several research reports. Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. JPMorgan Chase & Co. upped their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note 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, Canaccord Genuity Group lifted their price objective on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $82.62.

IREN Stock Down 12.1%

The business’s fifty day moving average is $49.56 and its two-hundred day moving average is $46.55. The stock has a market cap of $19.42 billion, a price-to-earnings ratio of 113.23 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (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 company had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. Equities analysts forecast that IREN Limited will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of IREN

Large investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. grew its stake in shares of IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after purchasing an additional 19,423 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Avaii Wealth Management LLC lifted its stake in IREN by 208.9% during the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock worth $5,506,000 after purchasing an additional 98,581 shares during the last quarter. Private Advisor Group LLC boosted its holdings in IREN by 12.7% in the third quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock valued at $36,684,000 after purchasing an additional 88,081 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in IREN by 175.1% in the third quarter. J.W. Cole Advisors Inc. now owns 107,976 shares of the company’s stock valued at $5,067,000 after purchasing an additional 68,726 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other 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.