IREN Limited $IREN Shares Sold by Van ECK Associates Corp

Key Points

• Van ECK Associates Corp cut its stake in IREN by 75.8% in Q3, selling 2.1 million shares and now holds 668,789 shares worth about $31.39 million (≈0.25% of the company).
• IREN missed its most recent quarter with EPS of ($0.44) vs. ($0.07) expected and revenue of $184.69M (down 23.1% YoY); the stock still jumped ~10.1% and the analyst consensus remains a "Moderate Buy" with an average target of $71.69.

Van ECK Associates Corp cut its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 75.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 668,789 shares of the company's stock after selling 2,100,043 shares during the quarter. Van ECK Associates Corp owned approximately 0.25% of IREN worth $31,386,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in IREN during the 3rd quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of IREN by 88.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company's stock worth $5,408,000 after purchasing an additional 53,982 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of IREN during the third quarter valued at $2,995,000. Hood River Capital Management LLC acquired a new position in shares of IREN during the second quarter valued at $74,228,000. Finally, Beryl Capital Management LLC bought a new stake in shares of IREN during the second quarter valued at about $5,828,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Trading Up 10.1%

IREN stock opened at $41.98 on Thursday. The firm has a market cap of $13.95 billion, a price-to-earnings ratio of 31.56 and a beta of 4.31. IREN Limited has a 1 year low of $5.13 and a 1 year high of $76.87. The firm's 50 day moving average price is $46.65 and its two-hundred day moving average price is $46.39. 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 announced 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 company had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company's revenue was down 23.1% on a year-over-year basis. On average, research analysts predict that IREN Limited will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on IREN. B. Riley Financial reiterated a "buy" rating on shares of IREN in a research report on Friday, February 6th. Citigroup began coverage on shares of IREN in a research note on Wednesday, November 19th. They issued an "outperform" rating for the company. Citizens Jmp set a $80.00 price objective on shares of IREN in a report on Wednesday, November 19th. JPMorgan Chase & Co. boosted their target price on IREN from $28.00 to $39.00 and gave the stock an "underweight" rating in a report on Monday, November 24th. Finally, HC Wainwright raised IREN from a "sell" rating to a "buy" rating and set a $80.00 price target for the company in a research note on Tuesday, January 13th. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, IREN currently has a consensus rating of "Moderate Buy" and an average target price 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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