Clear Harbor Asset Management LLC Takes $277,000 Position in IREN Limited $IREN

Key Points

• Clear Harbor Asset Management LLC has acquired a new position in IREN Limited, purchasing 19,000 shares valued at approximately $277,000 during the second quarter.
• Several other institutional investors have increased their stakes in IREN, with Farther Finance Advisors LLC boosting its position by nearly 60%.
• IREN has received multiple upgrades from analysts, with price targets raised significantly; Cantor Fitzgerald increased its target price from $27 to $41, reflecting strong positive sentiment in the market.

Clear Harbor Asset Management LLC acquired a new stake in shares of IREN Limited (NASDAQ:IREN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 19,000 shares of the company's stock, valued at approximately $277,000.

A number of other institutional investors and hedge funds have also bought and sold shares of IREN. Farther Finance Advisors LLC raised its position in IREN by 59.9% in the second quarter. Farther Finance Advisors LLC now owns 25,038 shares of the company's stock valued at $365,000 after purchasing an additional 9,384 shares during the last quarter. AFG Fiduciary Services Limited Partnership bought a new position in IREN in the 2nd quarter valued at approximately $254,000. Wealth Enhancement Advisory Services LLC boosted its position in IREN by 5.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company's stock worth $892,000 after buying an additional 3,307 shares during the period. Baader Bank Aktiengesellschaft bought a new stake in IREN during the 2nd quarter worth approximately $4,808,000. Finally, Balefire LLC acquired a new position in IREN in the 2nd quarter valued at approximately $1,214,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Analyst Upgrades and Downgrades

IREN has been the topic of a number of recent research reports. Cantor Fitzgerald lifted their price target on shares of IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Roth Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of IREN in a report on Friday, August 29th. BTIG Research upped their price target on IREN from $22.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Macquarie raised their price objective on IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Canaccord Genuity Group upped their target price on IREN from $37.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, IREN presently has an average rating of "Moderate Buy" and an average price target of $30.89.

IREN Price Performance

Shares of NASDAQ:IREN opened at $41.77 on Wednesday. IREN Limited has a twelve month low of $5.13 and a twelve month high of $44.25. The stock's 50 day moving average is $23.73 and its 200-day moving average is $14.02. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 70.80 and a beta of 4.03.

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, beating analysts' consensus estimates of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. Sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal year.

Insider Activity at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 21.55% of the stock is currently owned by insiders.

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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