IREN Limited $IREN Holdings Cut by First Trust Advisors LP

First Trust Advisors LP reduced its stake in IREN Limited (NASDAQ:IREN) by 24.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,734 shares of the company’s stock after selling 19,424 shares during the period. First Trust Advisors LP’s holdings in IREN were worth $2,082,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in IREN. North Star Investment Management Corp. acquired a new stake in shares of IREN during the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $27,000. Motco acquired a new position in IREN during the 4th quarter valued at approximately $30,000. Purpose Unlimited Inc. acquired a new position in IREN during the 4th quarter valued at approximately $34,000. Finally, Hollencrest Capital Management grew its stake in IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock worth $36,000 after buying an additional 350 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IREN shares. Sanford C. Bernstein set a $96.00 target price on IREN in a research report on Thursday, June 4th. Compass Point reissued a “buy” rating on shares of IREN in a report on Tuesday, July 21st. Jefferies Financial Group started coverage on shares of IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target for the company. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $79.00 price objective on shares of IREN in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, IREN presently has an average rating of “Moderate Buy” and an average target price of $82.71.

IREN Stock Up 8.7%

IREN opened at $41.23 on Friday. IREN Limited has a 12 month low of $17.22 and a 12 month high of $76.87. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The stock has a market cap of $14.73 billion, a P/E ratio of 85.90 and a beta of 4.29. The stock’s 50 day moving average price is $46.59 and its 200 day moving average price is $46.74.

IREN (NASDAQ:IREN) last announced its quarterly earnings results 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The business had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. As a group, research analysts predict that IREN Limited will post -1.96 earnings per share for the current year.

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.