IREN (NASDAQ:IREN) Shares Down 2.1% – Time to Sell?

IREN Limited (NASDAQ:IREN) shares dropped 2.1% on Tuesday . The stock traded as low as $44.10 and last traded at $47.47. Approximately 37,900,023 shares were traded during mid-day trading, an increase of 48% from the average daily volume of 25,523,908 shares. The stock had previously closed at $48.49.

Analyst Ratings Changes

IREN has been the topic of a number of research reports. HC Wainwright boosted their target price on shares of IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of IREN in a research report on Monday. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Citizens Jmp began coverage on shares of IREN in a research note on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price for the company. Finally, UBS Group restated a “buy” rating on shares of IREN in a research note on Friday, November 7th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, IREN presently has an average rating of “Moderate Buy” and an average target price of $70.43.

IREN Stock Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52. The firm has a market cap of $13.46 billion, a P/E ratio of 24.47 and a beta of 4.21. The stock’s 50 day moving average is $54.19 and its two-hundred day moving average is $29.61.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. As a group, equities analysts predict that IREN Limited will post 0.43 EPS for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IREN

Large investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC increased its position in shares of IREN by 113.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock worth $75,000 after purchasing an additional 850 shares in the last quarter. Centaurus Financial Inc. grew its stake in IREN by 1.1% during the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company’s stock worth $1,477,000 after buying an additional 332 shares during the last quarter. GM Advisory Group LLC increased its holdings in shares of IREN by 246.4% during the third quarter. GM Advisory Group LLC now owns 40,185 shares of the company’s stock worth $1,886,000 after buying an additional 28,585 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of IREN in the third quarter valued at approximately $291,000. Finally, Voleon Capital Management LP acquired a new position in shares of IREN in the 3rd quarter worth approximately $10,878,000. 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.