Continuum Advisory LLC Sells 48,079 Shares of IREN Limited (NASDAQ:IREN)

Continuum Advisory LLC lowered its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 84.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,599 shares of the company's stock after selling 48,079 shares during the quarter. Continuum Advisory LLC's holdings in IREN were worth $52,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Private Advisor Group LLC acquired a new stake in IREN during the 4th quarter valued at $120,000. SRN Advisors LLC bought a new position in shares of IREN in the fourth quarter valued at about $982,000. Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of IREN in the fourth quarter valued at about $550,000. Charles Schwab Investment Management Inc. lifted its stake in shares of IREN by 96.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 710,890 shares of the company's stock worth $6,981,000 after buying an additional 348,864 shares during the last quarter. Finally, HM Payson & Co. bought a new stake in shares of IREN during the 4th quarter worth about $30,000. Institutional investors own 41.08% of the company's stock.

IREN Stock Performance

Shares of IREN stock traded up $0.89 during trading on Friday, hitting $14.00. The company's stock had a trading volume of 37,771,359 shares, compared to its average volume of 16,309,596. IREN Limited has a 52 week low of $5.13 and a 52 week high of $15.92. The stock has a 50-day moving average price of $8.64 and a two-hundred day moving average price of $9.17.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. The firm had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IREN. Wall Street Zen lowered IREN from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. raised IREN from a "neutral" rating to an "overweight" rating and dropped their price target for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright cut their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 target price on shares of IREN in a report on Friday, May 16th. Finally, B. Riley boosted their price target on IREN from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.30.

IREN Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.