Sumitomo Mitsui Trust Group Inc. Makes New Investment in IREN Limited $IREN

Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of IREN Limited (NASDAQ:IREN) during the first quarter, Holdings Channel reports. The fund bought 609,054 shares of the company’s stock, valued at approximately $20,878,000.

Several other large investors have also modified their holdings of the business. Miller Wealth Advisors LLC lifted its position in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in IREN during the fourth quarter valued at approximately $27,000. Aventura Private Wealth LLC bought a new position in IREN in the fourth quarter worth approximately $28,000. Finally, Motco bought a new position in IREN in the fourth quarter worth approximately $30,000. Institutional investors own 41.08% of the company’s stock.

IREN Price Performance

NASDAQ IREN opened at $38.98 on Tuesday. The firm’s fifty day simple moving average is $54.01 and its two-hundred day simple moving average is $47.75. The firm has a market capitalization of $13.93 billion, a P/E ratio of 81.21 and a beta of 4.27. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. IREN Limited has a 12-month low of $14.72 and a 12-month high of $76.87.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business 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%. Analysts forecast that IREN Limited will post -1.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IREN shares. B. Riley Financial increased their target price on IREN from $88.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. HC Wainwright boosted their price target on IREN to $85.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Cantor Fitzgerald upped their price objective on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. 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. Finally, Freedom Capital upgraded shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $82.36.

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.