Weaver Consulting Group Makes New $207,000 Investment in IREN Limited $IREN

Weaver Consulting Group purchased a new position in IREN Limited (NASDAQ:IREN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,199 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of IREN during the 1st quarter valued at about $40,000. Delta Financial Group Inc. purchased a new position in shares of IREN during the first quarter worth approximately $61,000. R Squared Ltd boosted its stake in shares of IREN by 170.1% in the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after purchasing an additional 6,480 shares in the last quarter. US Bancorp DE bought a new position in shares of IREN during the 1st quarter valued at $69,000. Finally, Wellington Management Group LLP grew its stake in shares of IREN by 11.7% during the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after buying an additional 1,387 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.02% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IREN shares. Citizens Jmp began coverage on IREN in a report on Wednesday. They set a “market outperform” rating and a $80.00 target price for the company. Zacks Research cut shares of IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Compass Point reissued a “buy” rating and issued a $105.00 price target on shares of IREN in a report on Friday, November 7th. Macquarie upped their price objective on shares of IREN to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Cantor Fitzgerald increased their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Thirteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.36.

IREN Stock Up 8.5%

Shares of IREN stock opened at $49.73 on Thursday. The company’s fifty day simple moving average is $53.59 and its two-hundred day simple moving average is $28.65. IREN Limited has a 12-month low of $5.13 and a 12-month high of $76.87. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a market cap of $14.10 billion, a P/E ratio of 26.09 and a beta of 4.21.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. Research analysts anticipate that IREN Limited will post 0.43 EPS 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.