Jain Global LLC Buys New Stake in IREN Limited $IREN

Key Points

• Jain Global LLC established a new position of 515,242 IREN shares (~$24.18M), about 0.18% of the company, while other large investors including Situational Awareness LP, Value Aligned, Invesco and UBS also increased stakes and institutional investors now own 41.08% of the stock.
• IREN reported quarterly EPS of ($0.44), missing estimates by $0.37 and revenue of $184.69M (vs. $229.64M est.), down 23.1% YoY, but analysts retain a consensus "Moderate Buy" rating with an average price target of $71.69.

Jain Global LLC purchased a new position in shares of IREN Limited (NASDAQ:IREN - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 515,242 shares of the company's stock, valued at approximately $24,180,000. Jain Global LLC owned approximately 0.18% of IREN at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Situational Awareness LP grew its holdings in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company's stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in shares of IREN in the 2nd quarter valued at about $74,228,000. Value Aligned Research Advisors LLC lifted its holdings in shares of IREN by 10.9% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company's stock valued at $169,979,000 after purchasing an additional 355,826 shares during the last quarter. Invesco Ltd. boosted its position in shares of IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after purchasing an additional 936,333 shares during the period. Finally, UBS Group AG boosted its position in shares of IREN by 37.3% in the 3rd quarter. UBS Group AG now owns 2,767,452 shares of the company's stock valued at $129,877,000 after purchasing an additional 751,635 shares during the period. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Stock Performance

Shares of IREN stock opened at $41.58 on Monday. The stock's 50-day moving average price is $46.70 and its 200 day moving average price is $46.82. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $13.82 billion, a PE ratio of 31.26 and a beta of 4.31. 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 posted its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The company had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. The firm's revenue for the quarter was down 23.1% on a year-over-year basis. As a group, equities research analysts forecast that IREN Limited will post 0.43 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on IREN. Zacks Research raised IREN from a "strong sell" rating to a "hold" rating in a research report on Tuesday, December 16th. Cantor Fitzgerald decreased their price objective on IREN to $82.00 and set an "overweight" rating for the company in a report on Friday, February 6th. Citigroup started coverage on shares of IREN in a research report on Wednesday, November 19th. They set an "outperform" rating on the stock. Citizens Jmp set a $80.00 target price on shares of IREN in a report on Wednesday, November 19th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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