Maridea Wealth Management LLC Has $1.95 Million Stake in IREN Limited (NASDAQ:IREN)

Key Points

• Maridea Wealth Management LLC increased its stake in IREN Limited by 57.1%, acquiring an additional 116,408 shares, bringing its total holdings to approximately 320,167 shares valued at $1,950,000.
• IREN Limited's quarterly earnings report revealed a loss of $0.06 per share, missing analyst expectations, with total revenue of $148.10 million compared to estimates of $153.38 million.
• Wall Street analysts maintain a positive outlook on IREN, with a consensus rating of Moderate Buy and a target price averaging around $20.44, influenced by recent upgrades and price target adjustments.

Maridea Wealth Management LLC grew its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 57.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 320,167 shares of the company's stock after acquiring an additional 116,408 shares during the period. Maridea Wealth Management LLC owned 0.17% of IREN worth $1,950,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. TRU Independence Asset Management 2 LLC increased its stake in IREN by 22.1% in the first quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company's stock valued at $123,000 after acquiring an additional 3,670 shares during the last quarter. Apollon Wealth Management LLC increased its stake in IREN by 28.9% in the first quarter. Apollon Wealth Management LLC now owns 20,471 shares of the company's stock valued at $125,000 after acquiring an additional 4,587 shares during the last quarter. Main Management LLC bought a new position in IREN in the fourth quarter valued at approximately $49,000. Farther Finance Advisors LLC increased its stake in IREN by 57.3% in the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company's stock valued at $104,000 after acquiring an additional 5,700 shares during the last quarter. Finally, Continuum Advisory LLC increased its stake in IREN by 11.3% in the fourth quarter. Continuum Advisory LLC now owns 56,678 shares of the company's stock valued at $557,000 after acquiring an additional 5,772 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of recent analyst reports. HC Wainwright decreased their price objective on shares of IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. Macquarie lifted their price objective on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $16.00 target price (up previously from $12.00) on shares of IREN in a research note on Monday. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.89.

IREN Stock Performance

Shares of IREN stock traded up $0.48 during trading on Thursday, hitting $16.62. The company's stock had a trading volume of 16,108,748 shares, compared to its average volume of 18,649,484. IREN Limited has a 52 week low of $5.13 and a 52 week high of $21.54. The stock has a 50-day moving average price of $13.09 and a two-hundred day moving average price of $10.02.

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

IREN Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.