Ieq Capital LLC Invests $2.88 Million in IREN Limited $IREN

Key Points

• Ieq Capital LLC has acquired a new position in IREN Limited, purchasing 472,297 shares valued at approximately $2.88 million, representing about 0.25% of the company.
• Several research analysts have significantly raised their target prices for IREN, with some introducing targets as high as $41.00 and giving the stock an overall 'Moderate Buy' rating.
• IREN Limited, focused on bitcoin mining, has experienced notable stock performance, with a market cap of $4.97 billion and a price range over the past year between $5.13 and $29.50.

Ieq Capital LLC purchased a new stake in shares of IREN Limited (NASDAQ:IREN - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 472,297 shares of the company's stock, valued at approximately $2,876,000. Ieq Capital LLC owned approximately 0.25% of IREN at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Vident Advisory LLC grew its position in shares of IREN by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,937,918 shares of the company's stock valued at $28,850,000 after purchasing an additional 608,736 shares in the last quarter. Two Sigma Investments LP grew its position in shares of IREN by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after purchasing an additional 1,056,005 shares in the last quarter. Exchange Traded Concepts LLC grew its position in shares of IREN by 46.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company's stock valued at $6,212,000 after purchasing an additional 325,327 shares in the last quarter. Two Seas Capital LP grew its position in shares of IREN by 212.7% during the 4th quarter. Two Seas Capital LP now owns 860,000 shares of the company's stock valued at $8,445,000 after purchasing an additional 585,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of IREN by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company's stock valued at $4,927,000 after purchasing an additional 98,190 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Trading Up 14.9%

NASDAQ IREN traded up $3.44 during trading on Friday, hitting $26.48. 76,287,263 shares of the company's stock traded hands, compared to its average volume of 24,413,336. The stock has a fifty day moving average of $17.65 and a two-hundred day moving average of $11.28. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. IREN Limited has a 12-month low of $5.13 and a 12-month high of $29.50. The firm has a market cap of $4.97 billion, a P/E ratio of 44.88 and a beta of 4.03.

Analysts Set New Price Targets

IREN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $16.00 price objective (up from $12.00) on shares of IREN in a report on Monday, July 28th. Cantor Fitzgerald lifted their price objective on shares of IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday. Canaccord Genuity Group lifted their price objective on shares of IREN from $23.00 to $37.00 and gave the stock a "buy" rating in a report on Friday. HC Wainwright lifted their price objective on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday. Finally, Macquarie lifted their price objective on shares of IREN from $20.00 to $33.00 and gave the stock an "outperform" rating in a report on Friday. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.88.

IREN 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.