Royal Bank of Canada decreased its position in shares of IREN Limited (NASDAQ:IREN – Free Report) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 348,968 shares of the company’s stock after selling 21,794 shares during the period. Royal Bank of Canada owned approximately 0.10% of IREN worth $11,963,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in IREN. Invesco Ltd. boosted its stake in shares of IREN by 45.9% during the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares during the period. StoneX Group Inc. purchased a new stake in IREN in the 2nd quarter worth about $158,000. NewEdge Advisors LLC raised its position in IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after purchasing an additional 30,736 shares during the period. Sei Investments Co. bought a new stake in IREN in the second quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp lifted its stake in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after purchasing an additional 4,200 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on IREN. Cantor Fitzgerald boosted their target price on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. raised their price target on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Monday, May 11th. Sanford C. Bernstein set a $96.00 price objective on IREN in a report on Thursday, June 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $79.00 target price on shares of IREN in a research note on Tuesday, July 21st. One research 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 assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $82.71.
IREN Price Performance
IREN stock opened at $41.23 on Friday. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 85.90 and a beta of 4.29. 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 1 year low of $17.22 and a 1 year high of $76.87. The firm has a 50-day moving average of $46.59 and a two-hundred day moving average of $46.74.
IREN (NASDAQ:IREN – Get Free Report) last issued its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million for 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%. On average, research analysts forecast that IREN Limited will post -1.96 earnings per share for the current year.
About IREN
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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