Exchange Traded Concepts LLC Raises Position in IREN Limited (NASDAQ:IREN)

Exchange Traded Concepts LLC grew its stake in IREN Limited (NASDAQ:IREN - Free Report) by 46.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,020,084 shares of the company's stock after acquiring an additional 325,327 shares during the quarter. Exchange Traded Concepts LLC owned about 0.54% of IREN worth $6,212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership lifted its holdings in IREN by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock valued at $55,825,000 after purchasing an additional 5,280,999 shares in the last quarter. Vident Advisory LLC raised its position in shares of IREN by 26.1% in the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company's stock valued at $28,850,000 after buying an additional 608,736 shares during the last quarter. Invesco Ltd. lifted its stake in shares of IREN by 22.5% during the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock valued at $22,700,000 after buying an additional 424,403 shares during the period. Regal Partners Ltd lifted its stake in shares of IREN by 93.9% during the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after buying an additional 822,251 shares during the period. Finally, Two Sigma Investments LP boosted its position in IREN by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock worth $15,738,000 after acquiring an additional 1,056,005 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Stock Up 0.3%

Shares of NASDAQ:IREN traded up $0.03 during trading on Thursday, reaching $9.80. 12,025,391 shares of the stock were exchanged, compared to its average volume of 15,909,593. The firm's 50-day moving average price is $7.79 and its 200 day moving average price is $9.31. IREN Limited has a 12-month low of $5.13 and a 12-month high of $15.92.

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

Analysts Set New Price Targets

Several research analysts have weighed in on IREN shares. JPMorgan Chase & Co. upgraded IREN from a "neutral" rating to an "overweight" rating and cut their price target for the company from $15.00 to $12.00 in a report on Thursday, March 13th. HC Wainwright lowered their price objective on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Macquarie upped their target price on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating and set a $23.00 target price on shares of IREN in a research report on Friday, May 16th. Finally, Wall Street Zen cut IREN from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.