Apollon Wealth Management LLC Reduces Stake in IREN Limited $IREN

Key Points

• Apollon Wealth Management LLC reduced its holdings in IREN Limited by 22.7% during the 2nd quarter, now owning 15,830 shares valued at $231,000.
• Analysts remain optimistic about IREN, with several upgrading price targets, including B. Riley raising it to $29.00 and Arete setting a target of $78.00.
• CEO Daniel John Roberts sold 1,000,000 shares of IREN stock, resulting in a 6.67% decrease in his position, now holding around $463 million in shares.

Apollon Wealth Management LLC lessened its holdings in shares of IREN Limited (NASDAQ:IREN - Free Report) by 22.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,830 shares of the company's stock after selling 4,641 shares during the period. Apollon Wealth Management LLC's holdings in IREN were worth $231,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its holdings in IREN by 57.3% in the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after purchasing an additional 5,700 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of IREN during the 1st quarter worth approximately $592,000. Crewe Advisors LLC acquired a new position in shares of IREN in the 1st quarter valued at $39,000. Vontobel Holding Ltd. grew its position in shares of IREN by 36.0% in the 1st quarter. Vontobel Holding Ltd. now owns 76,080 shares of the company's stock valued at $463,000 after buying an additional 20,157 shares during the last quarter. Finally, Sippican Capital Advisors grew its position in shares of IREN by 47.4% in the 1st quarter. Sippican Capital Advisors now owns 18,840 shares of the company's stock valued at $115,000 after buying an additional 6,060 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IREN shares. B. Riley boosted their price target on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Arete assumed coverage on IREN in a research report on Wednesday, September 24th. They set a "buy" rating and a $78.00 target price on the stock. Roth Capital reissued a "buy" rating and issued a $35.00 target price on shares of IREN in a research report on Friday, August 29th. JPMorgan Chase & Co. restated an "underweight" rating and set a $24.00 price target (up previously from $16.00) on shares of IREN in a research note on Friday, September 26th. Finally, Arete Research began coverage on IREN in a research note on Wednesday, September 24th. They issued a "buy" rating and a $78.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $51.64.

IREN Stock Down 1.8%

IREN stock opened at $60.72 on Friday. The stock has a 50 day moving average of $37.47 and a two-hundred day moving average of $20.11. IREN Limited has a twelve month low of $5.13 and a twelve month high of $74.15. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 102.92 and a beta of 4.19. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last released its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating 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 business had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. As a group, research analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Insider Transactions at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.02% of the company's stock.

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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