Evolution Wealth Advisors LLC Purchases 29,340 Shares of IREN Limited (NASDAQ:IREN)

Key Points

• Evolution Wealth Advisors LLC increased its stake in IREN Limited by 61.3%, now holding 77,220 shares valued at $470,000 as of the latest quarter.
• Several institutional investors, including Crewe Advisors LLC and US Bancorp DE, have recently established new positions in IREN, indicating significant interest in the company.
• Wall Street analysts have a generally positive outlook on IREN's stock, with an average target price of $20.89 and various ratings ranging from "hold" to "strong buy."

Evolution Wealth Advisors LLC grew its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 61.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,220 shares of the company's stock after acquiring an additional 29,340 shares during the period. Evolution Wealth Advisors LLC's holdings in IREN were worth $470,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IREN. Main Management LLC purchased a new stake in shares of IREN in the fourth quarter worth $49,000. Crewe Advisors LLC purchased a new stake in shares of IREN in the first quarter worth $39,000. Tower Research Capital LLC TRC raised its position in shares of IREN by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after buying an additional 7,646 shares in the last quarter. Delta Financial Group Inc. purchased a new stake in shares of IREN in the first quarter worth $61,000. Finally, R Squared Ltd raised its position in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after buying an additional 6,480 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Stock Up 0.9%

Shares of NASDAQ IREN traded up $0.17 during trading hours on Monday, hitting $18.62. The company's stock had a trading volume of 10,054,394 shares, compared to its average volume of 18,589,555. IREN Limited has a 12 month low of $5.13 and a 12 month high of $21.54. The business has a 50-day simple moving average of $14.38 and a 200-day simple moving average of $10.32.

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

Analyst Ratings Changes

IREN has been the topic of a number of recent analyst reports. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. B. Riley restated a "buy" rating and set a $22.00 price target (up previously from $15.00) on shares of IREN in a research report on Thursday, July 10th. Macquarie raised their price target on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. restated a "neutral" rating and set a $16.00 price target (up previously from $12.00) on shares of IREN in a research report on Monday, July 28th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of IREN in a research report on Friday, May 16th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.89.

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.