IREN Limited $IREN Stake Boosted by Bank of America Corp DE

Key Points

• Bank of America increased its IREN stake by 58.4% in the first quarter, bringing its holdings to 2.14 million shares valued at approximately $73.3 million. Institutional investors collectively own 41.08% of the company.
• Analysts maintain a generally positive outlook, with IREN receiving a consensus “Moderate Buy” rating and an average price target of $82.71, although ratings range from “Strong Buy” to “Sell.”
• IREN shares opened at $41.23, well below their 52-week high of $76.87. The company’s latest quarter missed expectations, reporting a $0.25 loss per share and revenue of $144.79 million versus the $219.69 million consensus estimate.

Bank of America Corp DE raised its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 58.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,138,619 shares of the company's stock after buying an additional 788,547 shares during the quarter. Bank of America Corp DE owned 0.60% of IREN worth $73,312,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Situational Awareness LP increased its position in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company's stock worth $401,036,000 after purchasing an additional 2,998,214 shares during the last quarter. Marex Group plc increased its holdings in shares of IREN by 14,216.7% during the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company's stock valued at $168,880,000 after acquiring an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of IREN in the 4th quarter valued at approximately $158,677,000. Clear Street Group Inc. bought a new position in shares of IREN in the 4th quarter valued at approximately $137,075,000. Finally, Value Aligned Research Advisors LLC lifted its holdings in IREN by 10.9% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company's stock worth $169,979,000 after purchasing an additional 355,826 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IREN shares. Canaccord Genuity Group reaffirmed a "buy" rating and set a $79.00 target price on shares of IREN in a research report on Tuesday, July 21st. HC Wainwright lifted their price target on shares of IREN from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. JPMorgan Chase & Co. upped their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an "underweight" rating in a report on Monday, May 11th. Finally, The Goldman Sachs Group reiterated a "neutral" rating on shares of IREN in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $82.71.

IREN Price Performance

Shares of NASDAQ IREN opened at $41.23 on Monday. The stock has a market cap of $14.73 billion, a PE ratio of 85.90 and a beta of 4.29. The business has a fifty day moving average of $46.59 and a two-hundred day moving average of $46.67. IREN Limited has a 52-week low of $17.22 and a 52-week high of $76.87. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN - Get Free Report) last posted its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts expect that IREN Limited will post -1.96 earnings per share for the current fiscal 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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