CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New Investment in IREN Limited $IREN

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT opened a new position in IREN in Q4, buying 153,000 shares worth about $5.78 million (≈0.05% of the company).
• IREN's latest quarter missed expectations—reported EPS of -$0.44 vs. -$0.07 estimate and revenue of $184.7M vs. $229.6M expected, with revenue down 23.1% year-over-year.
• Analyst sentiment is mixed-to-positive: 13 Buys, 5 Holds and 1 Sell yield an average rating of "Moderate Buy" and an average price target of $70.08, while institutional investors own about 41.08% of the stock.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in IREN Limited (NASDAQ:IREN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 153,000 shares of the company's stock, valued at approximately $5,779,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.05% of IREN as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in IREN in the third quarter worth $1,854,000. Wealth Enhancement Advisory Services LLC lifted its stake in IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company's stock worth $5,408,000 after purchasing an additional 53,982 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in IREN in the third quarter worth $2,995,000. Avaii Wealth Management LLC lifted its stake in IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company's stock worth $5,506,000 after purchasing an additional 98,581 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its stake in IREN by 1,055.2% in the third quarter. Foundations Investment Advisors LLC now owns 115,754 shares of the company's stock worth $5,432,000 after purchasing an additional 105,734 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IREN shares. Freedom Capital raised shares of IREN to a "hold" rating in a research note on Wednesday, April 1st. B. Riley Financial reaffirmed a "buy" rating on shares of IREN in a research note on Friday, February 6th. Weiss Ratings raised shares of IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 9th. HC Wainwright upgraded shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 price target on the stock in a research report on Tuesday, January 13th. Finally, Cantor Fitzgerald reduced their price target on shares of IREN to $61.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $70.08.

IREN Price Performance

Shares of NASDAQ IREN opened at $48.12 on Friday. IREN Limited has a 1 year low of $5.45 and a 1 year high of $76.87. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The company's 50-day moving average is $40.83 and its 200 day moving average is $47.60. The stock has a market capitalization of $15.99 billion, a P/E ratio of 36.18 and a beta of 4.30.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The company had revenue of $184.69 million for the quarter, compared to analysts' expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company's quarterly revenue was down 23.1% compared to the same quarter last year. On average, sell-side analysts expect 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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