MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Position in IREN Limited $IREN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in IREN Limited by 14.2%, now owning approximately 987,466 shares worth around $6 million.
• Several analysts have raised their price targets for IREN, with B. Riley setting a new target of $29 and Canaccord Genuity increasing theirs to $37, both rating the stock as a "buy."
• IREN Limited's earnings report exceeded expectations, reporting $0.19 earnings per share against an estimated $0.17, although revenue fell slightly short of projections.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in IREN Limited (NASDAQ:IREN - Free Report) by 14.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 987,466 shares of the company's stock after acquiring an additional 122,668 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.53% of IREN worth $6,014,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Quarry LP acquired a new stake in IREN in the first quarter worth about $40,000. Sculptor Capital LP boosted its holdings in IREN by 83.7% in the first quarter. Sculptor Capital LP now owns 193,349 shares of the company's stock worth $1,177,000 after acquiring an additional 88,076 shares in the last quarter. Vident Advisory LLC lifted its holdings in shares of IREN by 0.6% during the first quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after purchasing an additional 18,794 shares during the period. Situational Awareness LP acquired a new stake in shares of IREN during the first quarter worth about $20,500,000. Finally, Trexquant Investment LP lifted its holdings in shares of IREN by 158.6% during the first quarter. Trexquant Investment LP now owns 1,038,220 shares of the company's stock worth $6,323,000 after purchasing an additional 636,767 shares during the period. Institutional investors and hedge funds own 41.08% of the company's stock.

Insiders Place Their Bets

In related news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.55% of the stock is currently owned by company insiders.

IREN Price Performance

Shares of NASDAQ:IREN traded up $1.11 during trading on Friday, reaching $33.96. The stock had a trading volume of 20,980,630 shares, compared to its average volume of 20,228,479. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. The business has a fifty day moving average price of $20.35 and a 200-day moving average price of $12.33. The stock has a market cap of $9.24 billion, a PE ratio of 57.56 and a beta of 4.03. IREN Limited has a 1-year low of $5.13 and a 1-year high of $34.08.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The firm had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. On average, equities analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IREN shares. Roth Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of IREN in a report on Friday, August 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Cantor Fitzgerald lifted their target price on IREN from $27.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. HC Wainwright lifted their target price on IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Jones Trading downgraded IREN from a "buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

IREN 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.