Headlands Technologies LLC Increases Stake in IREN Limited (NASDAQ:IREN)

Key Points

• Headlands Technologies LLC increased its stake in IREN Limited by 331.7% during the first quarter, owning 108,198 shares worth $659,000 after purchasing an additional 83,135 shares.
• Analysts have mixed views on IREN, with most ratings being positive; the average target price is $20.89, indicating potential for growth from its current price.
• IREN Limited reported a loss in its latest quarterly earnings, missing estimates with an EPS of $0.11 and revenue of $148.10 million, falling short of predictions.

Headlands Technologies LLC increased its stake in IREN Limited (NASDAQ:IREN - Free Report) by 331.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,198 shares of the company's stock after purchasing an additional 83,135 shares during the period. Headlands Technologies LLC owned approximately 0.06% of IREN worth $659,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Crewe Advisors LLC bought a new position in IREN during the first quarter valued at approximately $39,000. Main Management LLC bought a new position in IREN during the fourth quarter valued at approximately $49,000. Delta Financial Group Inc. bought a new position in IREN during the first quarter valued at approximately $61,000. R Squared Ltd boosted its stake in shares of IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company's stock valued at $63,000 after purchasing an additional 6,480 shares during the period. Finally, US Bancorp DE purchased a new stake in shares of IREN during the first quarter valued at approximately $69,000. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Performance

IREN stock traded up $0.36 on Wednesday, reaching $18.19. The company's stock had a trading volume of 10,271,715 shares, compared to its average volume of 18,557,193. The business has a fifty day simple moving average of $14.74 and a two-hundred day simple moving average of $10.40. IREN Limited has a 12-month low of $5.13 and a 12-month high of $21.54.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). The firm had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. As a group, research analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IREN shares. JPMorgan Chase & Co. reissued a "neutral" rating and set a $16.00 price objective (up previously from $12.00) on shares of IREN in a research note on Monday, July 28th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. B. Riley reissued a "buy" rating and set a $22.00 price objective (up previously from $15.00) on shares of IREN in a research note on Thursday, July 10th. Macquarie increased their price objective on IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.89.

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.