Exchange Traded Concepts LLC Decreases Stock Position in IREN Limited $IREN

Key Points

• Exchange Traded Concepts LLC holds a $14.41 million stake in IREN Limited after reducing its shares by 3.0% in the second quarter, owning 0.53% of the company.
• CEO Daniel John Roberts sold 1 million shares valued at over $33 million, reducing his ownership stake by 6.67% but still holding nearly 14 million shares worth approximately $463 million.
• Brokerage firms have issued buy ratings for IREN with various price targets, including a consensus rating of "Moderate Buy" and an average target price of $30.89.

Exchange Traded Concepts LLC lessened its stake in IREN Limited (NASDAQ:IREN - Free Report) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 989,064 shares of the company's stock after selling 31,020 shares during the quarter. Exchange Traded Concepts LLC owned 0.53% of IREN worth $14,411,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 in the 2nd quarter valued at $4,808,000. Balefire LLC bought a new stake in IREN in the 2nd quarter valued at $1,214,000. Belpointe Asset Management LLC boosted its holdings in IREN by 21.8% in the 1st quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock valued at $152,000 after purchasing an additional 4,465 shares during the period. Finally, Clearline Capital LP bought a new stake in IREN in the 1st quarter valued at $178,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Insiders Place Their Bets

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 21.55% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on IREN shares. Macquarie increased their price target on shares of IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Cantor Fitzgerald increased their price target on shares of IREN from $27.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, August 29th. BTIG Research increased their price objective on shares of IREN from $22.00 to $32.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $16.00 price objective (up previously from $12.00) on shares of IREN in a research note on Monday, July 28th. Finally, HC Wainwright increased their target price on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.89.

IREN Stock Performance

Shares of IREN stock traded up $2.32 during trading on Friday, reaching $38.64. The company's stock had a trading volume of 36,625,936 shares, compared to its average volume of 32,692,740. The business's 50-day moving average price is $22.74 and its 200-day moving average price is $13.55. The firm has a market cap of $10.51 billion, a PE ratio of 65.49 and a beta of 4.03. IREN Limited has a 52 week low of $5.13 and a 52 week high of $39.87. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $187.51 million. Equities analysts forecast 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.