IREN Limited $IREN Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has significantly reduced its stake in IREN Limited by 51.9%, now holding 753,108 shares valued at approximately $4.59 million.
• In contrast, multiple hedge funds have increased their investments in IREN, with Wellington Management raising their stake by 11.7% and Apollon Wealth Management increasing theirs by 28.9%.
• Analysts have a favorable outlook on IREN, with nine firms issuing a Buy rating and an average price target of $30.89.

Goldman Sachs Group Inc. cut its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 51.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 753,108 shares of the company's stock after selling 814,121 shares during the period. Goldman Sachs Group Inc. owned 0.40% of IREN worth $4,586,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC boosted its holdings in IREN by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock worth $152,000 after buying an additional 4,465 shares in the last quarter. Clearline Capital LP purchased a new stake in IREN during the first quarter worth $178,000. PharVision Advisers LLC purchased a new stake in IREN during the first quarter worth $126,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in IREN by 14.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company's stock worth $6,014,000 after acquiring an additional 122,668 shares during the period. Finally, Quarry LP acquired a new position in IREN during the first quarter worth $40,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the sale, the chief executive officer directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 21.55% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on IREN. Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Macquarie upped their price objective on shares of IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. B. Riley upped their price objective on shares of IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Compass Point began coverage on shares of IREN in a research report on Monday. They set a "buy" rating for the company. Finally, Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.89.

IREN Price Performance

Shares of NASDAQ IREN traded down $1.58 during mid-day trading on Thursday, reaching $36.32. The company's stock had a trading volume of 25,785,663 shares, compared to its average volume of 20,530,824. The stock has a 50-day moving average of $21.91 and a two-hundred day moving average of $13.10. The stock has a market capitalization of $9.88 billion, a P/E ratio of 61.56 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. IREN Limited has a 1-year low of $5.13 and a 1-year high of $38.50.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. On average, equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal 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.