Meridian Wealth Management LLC Buys Shares of 63,818 IREN Limited $IREN

Key Points

• Meridian Wealth Management LLC bought a new stake of 63,818 IREN shares in Q3, valued at about $2.995 million.
• Other large funds were active—Situational Awareness LP now owns 6,400,384 shares (~$93.3M) and Hood River initiated a ~$74.2M position—bringing institutional ownership to about 41.08%.
• Analysts have a consensus "Moderate Buy" with an average target of $69.36 and multiple buy upgrades (targets up to $80), but IREN recently dropped 10.2% after a quarterly EPS miss despite 28.3% year‑over‑year revenue growth.

Meridian Wealth Management LLC purchased a new stake in IREN Limited (NASDAQ:IREN - Free Report) during the third quarter, according to its most recent filing with the SEC. The firm purchased 63,818 shares of the company's stock, valued at approximately $2,995,000.

Several other hedge funds have also added to or reduced their stakes in the business. Hood River Capital Management LLC acquired a new stake in shares of IREN during the second quarter worth about $74,228,000. Situational Awareness LP boosted its holdings in 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. Merewether Investment Management LP acquired a new position in shares of IREN during the 2nd quarter worth about $21,025,000. Alkeon Capital Management LLC acquired a new position in IREN during the second quarter valued at approximately $14,570,000. Finally, Invesco Ltd. boosted its holdings 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 buying an additional 936,333 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

Analyst Ratings Changes

IREN has been the subject of a number of research analyst reports. Zacks Research upgraded IREN from a "strong sell" rating to a "hold" rating in a report on Tuesday, December 16th. BTIG Research lifted their target price on IREN from $32.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, October 14th. HC Wainwright upgraded shares of IREN from a "sell" rating to a "buy" rating and set a $80.00 price target for the company in a research report on Tuesday, January 13th. Citigroup began coverage on IREN in a research note on Wednesday, November 19th. They issued an "outperform" rating for the company. Finally, The Goldman Sachs Group initiated coverage on shares of IREN in a research report on Thursday, December 18th. They set a "neutral" rating and a $39.00 price objective for the company. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.36.

IREN Stock Down 10.2%

IREN stock opened at $53.74 on Monday. The firm has a market cap of $15.23 billion, a price-to-earnings ratio of 27.70 and a beta of 4.26. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. IREN Limited has a 52-week low of $5.13 and a 52-week high of $76.87. The firm has a 50 day moving average price of $46.62 and a two-hundred day moving average price of $41.75.

IREN (NASDAQ:IREN - Get Free Report) last issued its earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The business had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. The company's quarterly revenue was up 28.3% compared to the same quarter last year. Equities analysts predict that IREN Limited will post 0.43 EPS for the current year.

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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