We recently compiled a list of the 10 Biggest Losers of This Week. 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 all finished in the green during a shortened trading session this week, yet 10 companies–mainly technology stocks– still booked significant losses in their valuations. Let’s take a look at the extent of each company’s losses and the potential factors that could have dampened investor sentiment.
To come up with the biggest losers this week, we considered only the stocks that have 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)
IREN Ltd (IREN), a company operating bitcoin mining data centers, saw its stock price fall by more than $2 since December 16th to close at $11.81 on Tuesday.
An analysis by InvestingPro said that Iris Energy’s current valuation appears to be “slightly undervalued” based on its Fair Value assessment, 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 has 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. Investors are keeping a close eye on its expanding operations in both Bitcoin mining and high-performance computing (HPC), as well as its diversification into the AI sector.
Overall IREN ranks 6th on our list of the biggest losers of this week. 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.