IREN Limited $IREN Shares Sold by Artemis Investment Management LLP

Key Points

• Artemis Investment Management cut its position in IREN by 72.4% in Q4, selling 1,011,566 shares and retaining 384,767 shares (about 0.14% of the company) valued at $14.53 million.
• IREN missed Q4 expectations, reporting EPS of ($0.44) versus a consensus of ($0.07) and revenue of $184.69 million (down 23.1% year‑over‑year versus estimates of $229.64 million); analysts expect about -0.8 EPS for the fiscal year.
• Despite the weak quarter, analysts overall remain upbeat with a "Moderate Buy" consensus (13 Buys, 4 Holds, 2 Sells) and an average target price of $70.08.

Artemis Investment Management LLP lowered its position in IREN Limited (NASDAQ:IREN - Free Report) by 72.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 384,767 shares of the company's stock after selling 1,011,566 shares during the quarter. Artemis Investment Management LLP owned about 0.14% of IREN worth $14,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in IREN. Global Retirement Partners LLC acquired a new position in IREN during the 3rd quarter worth $25,000. Miller Wealth Advisors LLC grew its stake in shares of IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. acquired a new position in shares of IREN during the fourth quarter valued at $26,000. Aventura Private Wealth LLC acquired a new position in shares of IREN during the fourth quarter valued at $28,000. Finally, Albion Financial Group UT bought a new stake in shares of IREN during the fourth quarter valued at about $38,000. Institutional investors own 41.08% of the company's stock.

IREN Price Performance

Shares of NASDAQ IREN opened at $45.66 on Friday. IREN Limited has a twelve month low of $6.01 and a twelve month high of $76.87. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a 50-day moving average of $41.70 and a two-hundred day moving average of $47.00. The company has a market capitalization of $15.17 billion, a price-to-earnings ratio of 34.33 and a beta of 4.17.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The firm's quarterly revenue was down 23.1% on a year-over-year basis. As a group, analysts expect that IREN Limited will post -0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IREN shares. HC Wainwright raised shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective for the company in a report on Tuesday, January 13th. Weiss Ratings downgraded shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, April 22nd. Cantor Fitzgerald reduced their price target on shares of IREN to $61.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Freedom Capital upgraded shares of IREN to a "hold" rating in a report on Wednesday, April 1st. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $70.00 price objective on shares of IREN in a research note on Tuesday, February 10th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $70.08.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.