IREN (NASDAQ:IREN) Shares Down 6.7% – Time to Sell?

IREN Limited (NASDAQ:IREN)’s share price was down 6.7% during mid-day trading on Friday. The company traded as low as $17.39 and last traded at $18.17. 68,814,651 shares traded hands during trading, an increase of 52% from the average daily volume of 45,335,305 shares. The stock had previously closed at $19.48.

Key Headlines Impacting IREN

Here are a few of the latest headlines about IREN:

• Positive Sentiment: Analysts remain broadly optimistic about neocloud stocks, with forecasts cited in one report suggesting the group could more than double over the next 12 months. CRWV vs IREN vs NBIS: Which Neocloud Stock To Bet On After Q3 Reports Allay Durability Fears
• Negative Sentiment: Investors are reacting to reports that Nvidia may slow investments in AI companies and credit guarantees following CEO Jensen Huang’s resignation. IREN may be particularly exposed: Nvidia is expected to rent about $700 million of IREN cloud capacity annually under a five-year, $3.4 billion agreement, raising concerns about demand and customer concentration. IREN Is the Real Loser in Nvidia’s Pullback: Nvidia Is Its $3.4 Billion Customer
• Negative Sentiment: Bitcoin’s drop below $70,000 and rising Treasury yields are adding pressure. Weakness across AI data-center peers is also weighing on sentiment as investors reassess the sector’s spending needs and growth outlook. Why Is IREN Stock Falling on Friday?

Analyst Ratings Changes

IREN has been the topic of a number of recent research reports. Rothschild & Co Redburn initiated coverage on IREN in a research report on Monday, September 21st. They set a “neutral” rating and a $40.00 price objective on the stock. UBS Group reissued an “overweight” rating on shares of IREN in a research note on Monday. JPMorgan Chase & Co. cut their price target on IREN from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup restated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Finally, Northland Securities started coverage on shares of IREN in a research note on Friday, September 18th. They set an “outperform” rating and a $99.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.57.

IREN Price Performance

The company has a market capitalization of $7.17 billion, a PE ratio of -4.46 and a beta of 4.33. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.60 and a quick ratio of 1.60. The company’s 50 day simple moving average is $34.52 and its 200 day simple moving average is $42.94.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.06. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. The company had revenue of $228.00 million for the quarter, compared to analysts’ expectations of $228.26 million. As a group, sell-side analysts predict that IREN Limited will post 0.64 earnings per share for the current year.

Institutional Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in IREN by 177.5% in the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock valued at $32,000 after acquiring an additional 442 shares in the last quarter. Harbor Investment Advisory LLC increased its position in shares of IREN by 521.0% during the second quarter. Harbor Investment Advisory LLC now owns 1,037 shares of the company’s stock worth $47,000 after purchasing an additional 870 shares in the last quarter. Hollencrest Capital Management increased its position in shares of IREN by 50.0% during the first quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after purchasing an additional 350 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of IREN by 5,159.1% in the 2nd quarter. MCF Advisors LLC now owns 1,157 shares of the company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the last quarter. Finally, Advisors Asset Management Inc. purchased a new stake in shares of IREN in the 3rd quarter valued at about $65,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs. Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas. IREN has emphasized developing facilities with access to renewable energy.