IREN (NASDAQ:IREN) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of IREN (NASDAQ:IREN) from a hold rating to a sell rating in a report released on Saturday.

A number of other research firms also recently issued reports on IREN. UBS Group reiterated a “buy” rating on shares of IREN in a report on Friday, November 7th. BTIG Research raised their price target on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price objective on shares of IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, November 24th. Weiss Ratings restated a “hold (c)” rating on shares of IREN in a report on Monday, December 1st. Finally, Cantor Fitzgerald lifted their price target on shares of IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Twelve equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.85.

IREN Price Performance

Shares of NASDAQ IREN opened at $44.71 on Friday. The firm has a market cap of $12.67 billion, a PE ratio of 23.05 and a beta of 4.23. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN has a 1-year low of $5.13 and a 1-year high of $76.87. The company has a fifty day moving average price of $55.17 and a 200 day moving average price of $31.87.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction 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 directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 5.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Centaurus Financial Inc. lifted its stake in IREN by 1.1% in the 3rd quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock valued at $1,477,000 after purchasing an additional 332 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock valued at $75,000 after acquiring an additional 335 shares in the last quarter. Global Retirement Partners LLC bought a new stake in IREN during the 3rd quarter worth $25,000. SLT Holdings LLC increased its holdings in IREN by 6.0% in the 3rd quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock worth $497,000 after purchasing an additional 600 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in IREN by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 25,010 shares of the company’s stock valued at $1,174,000 after purchasing an additional 845 shares during the last quarter. 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.