IREN (NASDAQ:IREN) Shares Down 5.3% Following Insider Selling

Shares of IREN Limited (NASDAQ:IREN) traded down 5.3% during trading on Wednesday following insider selling activity. The company traded as low as $41.76 and last traded at $43.32. Approximately 41,359,483 shares changed hands during trading, a decline of 2% from the average session volume of 41,996,348 shares. The stock had previously closed at $45.73.

Specifically, Director Christopher Guzowski sold 11,958 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $36.32, for a total value of $434,314.56. Following the transaction, the director owned 39,168 shares of the company’s stock, valued at approximately $1,422,581.76. This represents a 23.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

IREN has been the subject of several research reports. Sanford C. Bernstein set a $96.00 price objective on IREN in a research note on Thursday, June 4th. HC Wainwright increased their price target on IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group initiated coverage on IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, The Goldman Sachs Group set a $50.00 target price on shares of IREN in a report on Wednesday, May 27th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN News Summary

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN was added to the Russell 1000 and also achieved NVIDIA Exemplar Cloud status, both of which can improve its visibility with institutional and AI-focused investors. IREN added to Russell 1000, achieves NVIDIA Exemplar Cloud status
• Positive Sentiment: IREN’s new Golden State Warriors jersey sponsorship could broaden brand awareness and support its push into AI infrastructure. Australian cloud company pays millions for spot on Warriors jersey
• Neutral Sentiment: Forbes highlighted IREN as a historically bullish AI data center setup, but the shares were still sliding amid weakness in the tech sector. AI Data Center Stock IREN Approaches A Historically Bullish Setup
• Neutral Sentiment: Another Forbes piece argued that IREN may be a buy for its AI data center exposure, though it did not change the near-term trading tone. History: Buy This AI Data Center Stock Now
• Negative Sentiment: Bernstein reportedly said IREN is “behind in building an enterprise business,” pressuring the shares on concerns about execution and diversification beyond crypto-related operations. IREN Stock Slips as Analyst Says Firm ‘Is Behind in Building an Enterprise Business’
• Negative Sentiment: Director Christopher Guzowski sold 11,958 shares, a 23.39% reduction in his position, which can weigh on investor sentiment. SEC insider transaction filing

IREN Trading Down 5.3%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company has a 50 day simple moving average of $55.14 and a two-hundred day simple moving average of $47.61. The company has a market cap of $15.48 billion, a PE ratio of 90.25 and a beta of 4.22.

IREN (NASDAQ:IREN) last posted its quarterly 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). The company had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. Sell-side analysts forecast that IREN Limited will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new position in shares of IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC acquired a new position in shares of IREN in the fourth quarter worth $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN during the fourth quarter worth $28,000. Finally, Motco purchased a new stake in shares of IREN during the fourth quarter worth $30,000. 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.