Polymer Capital Management HK LTD Sells 104,336 Shares of IREN Limited $IREN

Polymer Capital Management HK LTD lowered its position in IREN Limited (NASDAQ:IREN) by 88.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 14,020 shares of the company’s stock after selling 104,336 shares during the period. Polymer Capital Management HK LTD’s holdings in IREN were worth $530,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of IREN. Invesco Ltd. boosted its holdings in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after buying an additional 936,333 shares during the period. StoneX Group Inc. bought a new position in IREN in the 2nd quarter worth $158,000. NewEdge Advisors LLC boosted its holdings 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 buying an additional 30,736 shares during the period. Sei Investments Co. bought a new position in IREN in the 2nd quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp boosted its holdings in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after buying an additional 4,200 shares during the period. Institutional investors own 41.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. B. Riley Financial upped their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Cantor Fitzgerald upped their target price on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Canaccord Genuity Group upped their target price on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. upped their target price on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, The Goldman Sachs Group set a $50.00 price objective on shares of IREN in a report on Wednesday, May 27th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, IREN has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Stock Up 5.4%

IREN opened at $59.77 on Friday. The firm has a 50-day simple moving average of $51.99 and a two-hundred day simple moving average of $46.98. IREN Limited has a 52 week low of $9.52 and a 52 week high of $76.87. The company has a market capitalization of $21.36 billion, a PE ratio of 124.52 and a beta of 4.22. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. Analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal 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.