Clear Street Group Inc. bought a new stake in shares of IREN Limited (NASDAQ:IREN – Free Report) during the fourth quarter, Holdings Channel reports. The fund bought 3,629,194 shares of the company’s stock, valued at approximately $137,075,000. IREN makes up approximately 0.5% of Clear Street Group Inc.’s portfolio, making the stock its 14th largest position.
Other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the period. StoneX Group Inc. purchased a new stake in shares of IREN during the second quarter worth about $158,000. NewEdge Advisors LLC increased its stake in shares of IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after purchasing an additional 30,736 shares in the last quarter. Sei Investments Co. acquired a new position in shares of IREN during the 2nd quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp lifted its stake in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.
Analysts Set New Price Targets
Several research firms recently issued reports on IREN. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Sanford C. Bernstein set a $96.00 target price on IREN in a research report on Thursday, June 4th. Canaccord Genuity Group lifted their price target on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. B. Riley Financial boosted their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Finally, HC Wainwright increased their price objective on IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $82.62.
IREN Stock Up 5.4%
IREN stock opened at $59.77 on Friday. The company has a market cap of $21.36 billion, a price-to-earnings ratio of 124.52 and a beta of 4.22. 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 $9.52 and a 12 month high of $76.87. The firm has a 50-day moving average of $51.99 and a two-hundred day moving average of $46.98.
IREN (NASDAQ:IREN – Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The business had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.
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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