IREN Limited $IREN Shares Sold by Corsair Capital Management L.P.

Key Points

• Corsair Capital Management L.P. reduced its stake in IREN Limited by 26.2%, selling 40,000 shares and now holding about 112,604 shares valued at $686,000.
• Several large investors have significantly increased their holdings in IREN, with Situational Awareness LP acquiring a new stake worth $20.5 million and Two Sigma Investments LP increasing its stake by 193.2%.
• Analysts are mostly optimistic about IREN, with a consensus rating of "Moderate Buy" and an average price target of $20.89, indicating a positive outlook on the stock's future performance.

Corsair Capital Management L.P. trimmed its position in IREN Limited (NASDAQ:IREN - Free Report) by 26.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,604 shares of the company's stock after selling 40,000 shares during the quarter. Corsair Capital Management L.P. owned approximately 0.06% of IREN worth $686,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vident Advisory LLC raised its holdings in shares of IREN by 0.6% in the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock valued at $18,006,000 after purchasing an additional 18,794 shares in the last quarter. Situational Awareness LP acquired a new stake in shares of IREN in the 1st quarter valued at $20,500,000. Trexquant Investment LP raised its holdings in shares of IREN by 158.6% in the 1st quarter. Trexquant Investment LP now owns 1,038,220 shares of the company's stock valued at $6,323,000 after purchasing an additional 636,767 shares in the last quarter. Ieq Capital LLC acquired a new stake in shares of IREN in the 1st quarter valued at $2,876,000. Finally, Aurelius Capital Management LP acquired a new stake in shares of IREN in the 1st quarter valued at $311,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Stock Performance

Shares of NASDAQ:IREN traded down $0.67 on Wednesday, reaching $28.44. The company's stock had a trading volume of 22,560,127 shares, compared to its average volume of 19,627,270. The stock's 50-day moving average is $18.31 and its two-hundred day moving average is $11.50. IREN Limited has a 52-week low of $5.13 and a 52-week high of $30.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 0.46. The stock has a market capitalization of $5.34 billion, a P/E ratio of 48.62 and a beta of 4.03.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IREN shares. HC Wainwright raised their price objective on shares of IREN from $21.00 to $36.00 and gave the company a "buy" rating in a report on Friday, August 29th. B. Riley raised their price objective on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a report on Friday, August 29th. Macquarie raised their price objective on shares of IREN from $20.00 to $33.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Canaccord Genuity Group boosted their price target on shares of IREN from $23.00 to $37.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, IREN has an average rating of "Moderate Buy" and an average target price of $30.44.

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.