IREN Limited $IREN Shares Sold by Hidden Lake Asset Management LP

Key Points

• Hidden Lake Asset Management cut its stake in IREN by 87.2% in Q3, selling 253,866 shares and leaving 37,284 shares valued at about $1.75 million.
• IREN missed its latest quarterly estimates—EPS of ($0.44) vs. ($0.07) expected and revenue of $184.69M vs. $229.64M (down 23.1% YoY)—yet analysts maintain a consensus rating of "Moderate Buy" with a consensus target of $71.69 (13 Buys, 4 Holds, 1 Sell).

Hidden Lake Asset Management LP trimmed its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 87.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,284 shares of the company's stock after selling 253,866 shares during the period. Hidden Lake Asset Management LP's holdings in IREN were worth $1,750,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in IREN. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of IREN during the third quarter worth $1,854,000. Wealth Enhancement Advisory Services LLC raised its stake in IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company's stock valued at $5,408,000 after buying an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in IREN in the third quarter valued at $2,995,000. Hood River Capital Management LLC purchased a new stake in IREN during the 2nd quarter worth about $74,228,000. Finally, Beryl Capital Management LLC purchased a new stake in IREN during the 2nd quarter worth about $5,828,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on IREN shares. HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Tuesday, January 13th. The Goldman Sachs Group started coverage on IREN in a report on Thursday, December 18th. They issued a "neutral" rating and a $39.00 price target for the company. JPMorgan Chase & Co. raised their price objective on shares of IREN from $28.00 to $39.00 and gave the stock an "underweight" rating in a report on Monday, November 24th. Cantor Fitzgerald lowered their target price on shares of IREN to $82.00 and set an "overweight" rating for the company in a report on Friday, February 6th. Finally, Citigroup began coverage on shares of IREN in a research report on Wednesday, November 19th. They issued an "outperform" rating on the stock. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.69.

IREN Stock Up 0.5%

Shares of NASDAQ IREN opened at $41.58 on Monday. The business has a 50-day moving average price of $46.70 and a 200 day moving average price of $46.82. The stock has a market cap of $13.82 billion, a PE ratio of 31.26 and a beta of 4.31. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. IREN Limited has a 52-week low of $5.13 and a 52-week high of $76.87.

IREN (NASDAQ:IREN - Get Free Report) last issued 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). The business had revenue of $184.69 million for the quarter, compared to analysts' expectations of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.IREN's quarterly revenue was down 23.1% on a year-over-year basis. Equities research analysts forecast that IREN Limited will post 0.43 earnings per share for the current year.

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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