Capital Research Global Investors Buys New Stake in IREN Limited $IREN

Capital Research Global Investors bought a new stake in shares of IREN Limited (NASDAQ:IREN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,025,430 shares of the company’s stock, valued at approximately $38,730,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IREN. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. acquired a new position in IREN during the fourth quarter valued at $26,000. Clearstead Trust LLC acquired a new position in IREN during the fourth quarter valued at $27,000. Aventura Private Wealth LLC acquired a new position in IREN during the fourth quarter valued at $28,000. Finally, Motco acquired a new position in IREN during the fourth quarter valued at $30,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

IREN has been the subject of a number of research reports. Cantor Fitzgerald boosted their target price on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 29th. JPMorgan Chase & Co. boosted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. B. Riley Financial boosted their target price on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Trading Down 8.7%

Shares of IREN stock opened at $54.02 on Wednesday. The firm has a 50-day simple moving average of $50.63 and a two-hundred day simple moving average of $46.73. The company has a market cap of $19.31 billion, a P/E ratio of 112.54 and a beta of 4.22. IREN Limited has a fifty-two week low of $9.52 and a fifty-two week high of $76.87. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, equities analysts predict that IREN Limited will post -1.25 earnings per share for the current fiscal year.

IREN Company Profile

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.