Pictet Asset Management Holding SA Acquires 99,384 Shares of IREN Limited $IREN

Key Points

• Pictet Asset Management Holding SA sharply increased its stake in IREN, boosting holdings by 349.3% in Q1 to 127,835 shares worth about $4.38 million.
• IREN continues to draw positive attention for its AI infrastructure pivot, with analysts highlighting its expansion from bitcoin mining into data centers and related opportunities with Microsoft and NVIDIA.
• Despite upbeat analyst sentiment and multiple Buy ratings, the stock faces governance and dilution concerns after criticism over large founder equity awards, executive RSU grants, and a pricey Warriors sponsorship.

Pictet Asset Management Holding SA boosted its holdings in shares of IREN Limited (NASDAQ:IREN - Free Report) by 349.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,835 shares of the company's stock after acquiring an additional 99,384 shares during the period. Pictet Asset Management Holding SA's holdings in IREN were worth $4,379,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Miller Wealth Advisors LLC grew its holdings in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in shares of IREN during the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $27,000. Aventura Private Wealth LLC bought a new stake in shares of IREN in the 4th quarter worth approximately $28,000. Finally, Motco purchased a new stake in shares of IREN in the 4th quarter worth approximately $30,000. Institutional investors own 41.08% of the company's stock.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Analyst commentary remained constructive on IREN’s AI pivot, with one report saying the company’s transformation from a bitcoin miner into an AI infrastructure provider is gaining traction and helping fuel the bullish long-term case. Forget Nvidia: This Infrastructure Upstart Is The Real Backdoor AI Winner
• Positive Sentiment: Another market note said IREN’s AI data center contract optimism has lifted fair-value estimates, highlighting renewed confidence in its Microsoft and NVIDIA-related opportunities. Iren NasdaqGS: IREN Stock Sees Fair Value Lift On AI Data Center Contract Optimism
• Positive Sentiment: Bernstein reiterated a Buy rating and a $100 price target, underscoring the view that IREN still has meaningful upside if its AI data center buildout continues on schedule. IREN Ltd (IREN) Upside Becomes Attractive Amid Stock Price Decline
• Positive Sentiment: IREN appointed a new Chief Product Officer and Chief Development Officer, which may support execution as it expands beyond bitcoin mining into AI infrastructure. IREN Appoints Chief Product Officer and Chief Development Officer
• Neutral Sentiment: Coverage of IREN as a “promising Bitcoin stock” and general AI/data center watchlist mentions kept the name in focus, but did not add a clear new catalyst. Promising Bitcoin Stocks To Keep An Eye On - July 2nd
• Neutral Sentiment: IREN also announced a large RSU package for its co-CEOs, which may be seen as a long-term retention tool, though it has drawn scrutiny over potential dilution and governance. IREN grants significant multi-year RSU awards to co-CEOs
• Negative Sentiment: Investor sentiment weakened after reports that IREN’s board approved a large founder equity package and a pricey Golden State Warriors sponsorship, raising concerns about dilution, capital allocation, and governance. IREN NasdaqGS: IREN Approves $800 Million Founder Equity Deal And Warriors Sponsorship
• Negative Sentiment: Several articles highlighted criticism over the co-CEO stock grants and related “payout machine” concerns, adding to worries that management incentives may not be aligned with shareholders. IREN Stock Heads For Ninth Straight Loss: $50M-A-Year NBA Spends, $788M Co-Founder Pay Packet Leave Retail Unimpressed
• Negative Sentiment: A director sold 11,958 shares, which can reinforce caution when the stock is already under pressure. Christopher Guzowski Sells 11,958 Shares of IREN NASDAQ: IREN Stock

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IREN. Canaccord Genuity Group raised their price objective on IREN from $70.00 to $79.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. HC Wainwright boosted their target price on IREN to $85.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Weiss Ratings raised IREN from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, May 29th. Freedom Capital upgraded IREN to a "hold" rating in a report on Wednesday, April 1st. Finally, B. Riley Financial lifted their price target on IREN from $88.00 to $96.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Fourteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.36.

IREN Price Performance

Shares of IREN opened at $38.82 on Friday. IREN Limited has a twelve month low of $14.72 and a twelve month high of $76.87. The company has a market capitalization of $13.87 billion, a P/E ratio of 80.88 and a beta of 4.27. The firm has a 50 day moving average of $54.72 and a 200 day moving average of $47.54. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, equities research analysts anticipate that IREN Limited will post -1.25 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding IREN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IREN Limited (NASDAQ:IREN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.