IREN Limited $IREN Holdings Raised by Avaii Wealth Management LLC

Key Points

• Avaii Wealth Management LLC increased its stake in IREN Limited by 107.7% during Q2, now holding 52,859 shares worth approximately $770,000.
• IREN's stock received positive analyst ratings, with price targets raised by Roth Capital and Cantor Fitzgerald to $35 and $41 respectively, indicating strong market interest.
• CEO Daniel John Roberts sold 1,000,000 shares for around $33.13 each, reducing his ownership by 6.67%, but still holding nearly 14 million shares valued at around $463 million.

Avaii Wealth Management LLC boosted its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 107.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,859 shares of the company's stock after buying an additional 27,406 shares during the period. Avaii Wealth Management LLC's holdings in IREN were worth $770,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of IREN. Bank of America Corp DE increased its position in shares of IREN by 46.5% in the fourth quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after acquiring an additional 59,250 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of IREN by 57.3% during the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after buying an additional 5,700 shares in the last quarter. SG Americas Securities LLC purchased a new stake in IREN in the 1st quarter worth about $592,000. Exchange Traded Concepts LLC boosted its holdings in shares of IREN by 46.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,020,084 shares of the company's stock worth $6,212,000 after purchasing an additional 325,327 shares during the period. Finally, Crewe Advisors LLC acquired a new stake in shares of IREN during the 1st quarter valued at $39,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Roth Capital reissued a "buy" rating and set a $35.00 price objective on shares of IREN in a research report on Friday, August 29th. Cantor Fitzgerald raised their price target on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Arete Research assumed coverage on shares of IREN in a research report on Wednesday. They set a "buy" rating and a $78.00 price objective on the stock. Finally, Jones Trading cut shares of IREN from a "buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $39.45.

IREN Trading Up 12.9%

NASDAQ:IREN opened at $47.14 on Thursday. 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 company's 50 day moving average is $24.33 and its 200-day moving average is $14.25. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of 79.90 and a beta of 4.03. IREN Limited has a 12 month low of $5.13 and a 12 month high of $49.30.

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

Insider Activity at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 13,989,696 shares of the company's stock, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.55% of the company's stock.

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.

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