Jain Global LLC Acquires Shares of 515,242 IREN Limited $IREN

Jain Global LLC acquired a new position in shares of IREN Limited (NASDAQ:IREN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 515,242 shares of the company’s stock, valued at approximately $24,180,000.

Other hedge funds also recently made changes to their positions in the company. Hood River Capital Management LLC purchased a new stake in shares of IREN in the second quarter valued at about $74,228,000. Situational Awareness LP raised its holdings in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Marshall Wace LLP raised its holdings in IREN by 247.7% during the third quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock worth $95,380,000 after purchasing an additional 1,447,842 shares in the last quarter. Merewether Investment Management LP acquired a new stake in IREN in the second quarter valued at about $21,025,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in IREN in the third quarter valued at about $48,708,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. HC Wainwright raised IREN from a “sell” rating to a “buy” rating and set a $80.00 target price for the company in a research note on Tuesday, January 13th. Citizens Jmp set a $80.00 price target on IREN in a report on Wednesday, November 19th. JPMorgan Chase & Co. lifted their price target on IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday, November 24th. Finally, Citigroup began coverage on IREN in a report on Wednesday, November 19th. They set an “outperform” rating on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, IREN has an average rating of “Moderate Buy” and an average price target of $71.69.

IREN Stock Up 0.5%

IREN stock opened at $41.58 on Monday. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The company’s 50-day moving average price is $46.70 and its 200 day moving average price is $46.82. IREN Limited has a 52 week low of $5.13 and a 52 week high of $76.87. The company has a market cap of $13.82 billion, a P/E ratio of 31.26 and a beta of 4.31.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. The firm’s revenue was down 23.1% compared to the same quarter last year. On average, research analysts expect that IREN Limited will post 0.43 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.