IREN Limited $IREN Shares Acquired by Alkeon Capital Management LLC

Key Points

• Alkeon Capital Management increased its position in IREN by 50% in Q3, buying an additional 500,000 shares to hold 1,500,000 shares worth about $70.4 million (roughly 0.53% of the company).
• IREN missed on recent quarterly results, reporting EPS of ($0.44) versus consensus ($0.07) and revenue of $184.7M versus $229.6M, with revenue down 23.1% year-over-year.
• Analyst sentiment is generally positive—13 Buys, 4 Holds and 1 Sell—resulting in a MarketBeat average rating of "Moderate Buy" and an average price target of $71.69, while the stock trades around $41.58.

Alkeon Capital Management LLC increased its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 50.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,500,000 shares of the company's stock after buying an additional 500,000 shares during the quarter. Alkeon Capital Management LLC owned about 0.53% of IREN worth $70,395,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. bought a new stake in IREN in the second quarter valued at $255,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of IREN by 19.2% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 24,165 shares of the company's stock worth $352,000 after acquiring an additional 3,897 shares during the last quarter. Foundations Investment Advisors LLC acquired a new stake in shares of IREN in the 2nd quarter worth about $146,000. SG Americas Securities LLC increased its holdings in shares of IREN by 6.8% in the 2nd quarter. SG Americas Securities LLC now owns 103,945 shares of the company's stock worth $1,514,000 after acquiring an additional 6,656 shares during the period. Finally, Weaver Consulting Group bought a new stake in IREN in the 2nd quarter valued at about $207,000. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Stock Up 0.5%

Shares of IREN stock opened at $41.58 on Friday. IREN Limited has a 1 year low of $5.13 and a 1 year high of $76.87. The stock has a market cap of $13.82 billion, a PE ratio of 31.26 and a beta of 4.31. The business's fifty day moving average is $46.70 and its 200-day moving average is $46.65. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN's revenue was down 23.1% on a year-over-year basis. Equities analysts expect that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of analyst reports. B. Riley Financial reissued a "buy" rating on shares of IREN in a research note on Friday, February 6th. HC Wainwright raised IREN from a "sell" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Tuesday, January 13th. The Goldman Sachs Group initiated coverage on IREN in a research report on Thursday, December 18th. They set a "neutral" rating and a $39.00 price objective for the company. Weiss Ratings raised IREN from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 9th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $70.00 target price on shares of IREN in a research report on Tuesday, February 10th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, IREN presently has an average rating of "Moderate Buy" and an average price target of $71.69.

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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