737,342 Shares in IREN Limited $IREN Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH acquired 737,342 shares of IREN Limited valued at approximately $10.7 million, which constitutes about 0.39% of the company.
• CEO Daniel John Roberts sold 1,000,000 shares at an average price of $33.13, reducing his ownership by 6.67% to approximately $463.5 million.
• Analysts have a generally optimistic outlook on IREN, with multiple firms raising their target prices significantly, suggesting a consensus rating of "Moderate Buy" and an average price target of $51.64.

Allianz Asset Management GmbH acquired a new position in IREN Limited (NASDAQ:IREN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 737,342 shares of the company's stock, valued at approximately $10,743,000. Allianz Asset Management GmbH owned about 0.39% of IREN at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quarry LP bought a new position in shares of IREN in the first quarter worth approximately $40,000. Delta Financial Group Inc. purchased a new stake in IREN in the first quarter worth approximately $61,000. R Squared Ltd boosted its stake in IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after buying an additional 6,480 shares in the last quarter. US Bancorp DE purchased a new stake in IREN in the first quarter worth approximately $69,000. Finally, Wellington Management Group LLP boosted its stake in IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock worth $80,000 after buying an additional 1,387 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares of the company's stock, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

IREN has been the subject of several research reports. HC Wainwright upped their target price on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $75.00 target price on shares of IREN in a research note on Thursday, September 25th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. BTIG Research increased their price objective on IREN from $32.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, October 14th. Finally, Arete initiated coverage on IREN in a research note on Wednesday, September 24th. They set a "buy" rating and a $78.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $51.64.

IREN Stock Performance

NASDAQ:IREN opened at $55.19 on Wednesday. The business has a 50 day moving average price of $39.04 and a 200-day moving average price of $20.82. IREN Limited has a fifty-two week low of $5.13 and a fifty-two week high of $74.15. The firm has a market cap of $15.01 billion, a PE ratio of 93.54 and a beta of 4.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. Equities research analysts predict that IREN Limited will post 0.43 earnings per share for the current 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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