Resona Asset Management Co. Ltd. Invests $2.71 Million in IREN Limited $IREN

Resona Asset Management Co. Ltd. bought a new position in shares of IREN Limited (NASDAQ:IREN) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 78,932 shares of the company’s stock, valued at approximately $2,706,000.

Other large investors also recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC grew its holdings in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. purchased a new position in shares of IREN in the fourth quarter worth $26,000. Clearstead Trust LLC bought a new position in shares of IREN during the fourth quarter worth $27,000. Aventura Private Wealth LLC bought a new position in shares of IREN during the fourth quarter worth $28,000. Finally, Motco purchased a new position in IREN during the fourth quarter valued at $30,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

IREN Stock Down 5.3%

Shares of NASDAQ:IREN opened at $38.98 on Tuesday. The company has a market cap of $13.93 billion, a price-to-earnings ratio of 81.21 and a beta of 4.27. IREN Limited has a 12 month low of $14.72 and a 12 month high of $76.87. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The company has a 50-day moving average price of $54.01 and a 200 day moving average price of $47.75.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts predict that IREN Limited will post -1.25 earnings per share for the current year.

Analysts Set New Price Targets

IREN has been the topic of a number of research reports. The Goldman Sachs Group set a $50.00 price target on shares of IREN in a report on Wednesday, May 27th. Canaccord Genuity Group raised their price objective on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. Sanford C. Bernstein set a $96.00 target price on IREN in a research report on Thursday, June 4th. Finally, Cantor Fitzgerald raised their price target on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.36.

IREN 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.