California State Teachers Retirement System Takes Position in IREN Limited $IREN

Key Points

• California State Teachers Retirement System acquired 364,622 IREN shares worth approximately $12.5 million, giving it a 0.10% stake. Institutional investors collectively own 41.08% of the company.
• Analyst sentiment remains generally positive: IREN has a “Moderate Buy” consensus rating and an average price target of $82.71, though Weiss Ratings downgraded the stock to “sell.”
• IREN reported a quarterly EPS loss of $0.25, missing estimates, while revenue of $144.79 million fell short of the $219.69 million consensus forecast.

California State Teachers Retirement System bought a new position in shares of IREN Limited (NASDAQ:IREN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 364,622 shares of the company's stock, valued at approximately $12,499,000. California State Teachers Retirement System owned 0.10% of IREN at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. purchased a new stake in IREN in the first quarter valued at approximately $20,878,000. Triglav Investments D.O.O. purchased a new stake in shares of IREN during the 1st quarter valued at $871,000. Oppenheimer & Co. Inc. increased its holdings in shares of IREN by 257.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock worth $1,018,000 after buying an additional 19,423 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in IREN by 282.2% in the fourth quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock valued at $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in shares of IREN by 349.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company's stock worth $4,379,000 after purchasing an additional 99,384 shares during the period. Hedge funds and other institutional investors own 41.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Sanford C. Bernstein set a $96.00 price target on IREN in a report on Thursday, June 4th. Canaccord Genuity Group restated a "buy" rating and set a $79.00 price objective on shares of IREN in a research note on Tuesday, July 21st. Jefferies Financial Group began coverage on IREN in a research report on Thursday, June 18th. They issued a "buy" rating and a $79.00 target price for the company. Finally, Weiss Ratings downgraded IREN from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, IREN currently has an average rating of "Moderate Buy" and an average target price of $82.71.

IREN Trading Up 8.0%

NASDAQ IREN opened at $39.75 on Tuesday. IREN Limited has a one year low of $15.49 and a one year high of $76.87. The company has a 50-day simple moving average of $48.52 and a 200-day simple moving average of $47.10. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm has a market capitalization of $14.21 billion, a PE ratio of 82.81 and a beta of 4.29.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). The business had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, equities 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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