IREN Rob Citrone trims position

What happened: Cantor Fitzgerald lowered its price target on IREN Limited (NASDAQ:IREN) from $82 to $61 on April 9, maintaining an Overweight rating. Billionaire Rob Citrone, through his fund Discovery Capital Management, trimmed his position in IREN, a recent addition to his 13F portfolio. Meanwhile, retail investors, driven by Reddit, have been dumping IREN shares due to the lack of new hyperscaler deals and capital raises, pushing the stock down 54%.

Market impact: The tech sector, particularly semiconductor stocks, is affected. IREN's role as a supplier of high-performance computing solutions to hyperscalers makes it a bellwether for this segment. The sell-off in IREN shares could indicate a broader reassessment of growth stocks, given its previous status as an "unstoppable growth stock" among retail investors.

What to watch next: IREN's Q1 2023 earnings report, scheduled for May 10, will provide insights into its revenue growth and potential new hyperscaler deals. Additionally, monitor IREN's stock price action around the $61 level, Cantor Fitzgerald's new price target, for potential support or resistance. Lastly, keep an eye on Nvidia's earnings, as IREN's demand for Nvidia chips could impact its financial performance.