Market Slump Drags Down Share Prices of IREN Ltd. (IREN)

We recently published an article titled Market Slump Drags Down Share Prices of These 15 Companies. In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against the other stocks.

Wall Street’s main indices ended this week’s trading on a bloodbath following an overall market selloff as investors shifted their capital into assets offering higher returns.

This article will delve into the factors behind the downturn and explore why each company was particularly affected.

To come up with Friday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph.

IREN Ltd. (NASDAQ:IREN)

Shares of Iren Ltd. suffered a selloff on Friday, ending the week down by 5.56 percent to $10.71 apiece amid the lack of catalysts to spark buying appetite.

According to analysts, investors remained on the sidelines keeping an eye on its expanding operations in Bitcoin mining, high-performance computing, and the booming AI sector.

Friday’s share prices also marked a 13.6-percent decline in the past 30 trading days, but a jump of 57.5 percent year-to-date.

An analysis by InvestingPro recently said that IREN’s current valuation appears to be “slightly undervalued,” especially as the company continues to make strides in expanding its operations and diversifying into the artificial intelligence (AI) and high-performance computing sectors (HPC).

The company also demonstrated impressive growth, with revenue surging 119.92 percent in the last twelve months and maintaining a robust gross profit margin of 87.67 percent.

Overall IREN ranks 12th on our list of the stocks that were recently dragged down by market slump. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than IREN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.