Saba Capital Management L.P. trimmed its position in shares of IREN Limited (NASDAQ:IREN – Free Report) by 21.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,000 shares of the company’s stock after selling 15,000 shares during the period. Saba Capital Management L.P.’s holdings in IREN were worth $1,885,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of IREN. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% in the 4th 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 last quarter. North Star Investment Management Corp. acquired a new position in IREN during the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in IREN in the 4th quarter worth approximately $27,000. Motco acquired a new stake in IREN in the 4th quarter valued at about $30,000. Finally, Purpose Unlimited Inc. acquired a new position in shares of IREN during the fourth quarter valued at $34,000. 41.08% of the stock is owned by institutional investors.
IREN Price Performance
Shares of NASDAQ:IREN opened at $36.29 on Tuesday. The firm has a market capitalization of $12.97 billion, a price-to-earnings ratio of 75.60 and a beta of 4.27. The company’s fifty day moving average price is $50.40 and its 200-day moving average price is $47.53. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. IREN Limited has a one year low of $14.72 and a one year high of $76.87.
Analyst Upgrades and Downgrades
IREN has been the topic of several research analyst reports. The Goldman Sachs Group restated a “neutral” rating on shares of IREN in a report on Monday, July 20th. JPMorgan Chase & Co. boosted their target price on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Jefferies Financial Group initiated coverage on IREN in a research 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 price target on IREN in a research note on Thursday, June 4th. Finally, B. Riley Financial lifted 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $82.71.
Check Out Our Latest Stock Report on IREN
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.
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