Hartline Investment Corp Acquires New Holdings in IREN Limited $IREN

Key Points

• Hartline Investment Corp has acquired a new stake in IREN Limited, purchasing 15,643 shares valued at approximately $228,000.
• IREN's CEO, Daniel John Roberts, sold 1,000,000 shares at an average price of $33.13, reducing his ownership by 6.67% to about 13.99 million shares.
• Research analysts have varied outlooks on IREN, with price targets ranging from $24.00 to $75.00, indicating a consensus rating of "Moderate Buy."

Hartline Investment Corp acquired a new stake in IREN Limited (NASDAQ:IREN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 15,643 shares of the company's stock, valued at approximately $228,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Allianz Asset Management GmbH acquired a new position in shares of IREN in the 2nd quarter valued at approximately $10,743,000. Sippican Capital Advisors grew its position in shares of IREN by 28.6% in the 2nd quarter. Sippican Capital Advisors now owns 24,230 shares of the company's stock valued at $353,000 after purchasing an additional 5,390 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in shares of IREN by 16.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,160 shares of the company's stock valued at $308,000 after purchasing an additional 2,952 shares during the period. SLT Holdings LLC acquired a new position in shares of IREN in the 2nd quarter valued at approximately $146,000. Finally, Belpointe Asset Management LLC grew its position in shares of IREN by 17.5% in the 2nd quarter. Belpointe Asset Management LLC now owns 29,348 shares of the company's stock valued at $428,000 after purchasing an additional 4,374 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company's 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 sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 5.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

IREN has been the subject of several research analyst reports. BTIG Research boosted their price objective on IREN from $32.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $24.00 price objective (up from $16.00) on shares of IREN in a research report on Friday, September 26th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $75.00 price target on shares of IREN in a research report on Thursday, September 25th. Cantor Fitzgerald upped their price target on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Finally, Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $51.64.

IREN Trading Down 1.8%

NASDAQ:IREN opened at $60.72 on Friday. IREN Limited has a twelve month low of $5.13 and a twelve month high of $74.15. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $37.47 and a two-hundred day moving average price of $20.02. The company has a market cap of $16.51 billion, a P/E ratio of 102.92 and a beta of 4.19.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The company had revenue of $187.30 million for the quarter, compared to analysts' expectations of $187.51 million. As a group, analysts expect that IREN Limited will post 0.43 EPS for the current fiscal year.

About IREN

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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