Rakuten Securities Inc. Takes $1.73 Million Position in IREN Limited $IREN

Key Points

• Rakuten Securities Inc. initiated a new position in IREN Limited in Q4, acquiring 45,799 shares valued at about $1.73 million.
• IREN missed quarterly expectations, reporting EPS of ($0.44) versus a ($0.07) consensus and revenue of $184.69M versus $229.64M, with revenue down 23.1% year-over-year.
• Institutional investors own about 41.08% of IREN, and analysts' consensus is a Moderate Buy with an average price target of $70.08 (13 Buys, 4 Holds, 2 Sells).

Rakuten Securities Inc. acquired a new position in IREN Limited (NASDAQ:IREN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 45,799 shares of the company's stock, valued at approximately $1,730,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IREN. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of IREN in the 3rd quarter valued at $1,854,000. Wealth Enhancement Advisory Services LLC increased its position in shares of IREN by 88.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company's stock worth $5,408,000 after buying an additional 53,982 shares during the period. Meridian Wealth Management LLC bought a new position in IREN during the third quarter worth $2,995,000. Avaii Wealth Management LLC lifted its holdings in IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company's stock valued at $5,506,000 after buying an additional 98,581 shares during the period. Finally, Foundations Investment Advisors LLC boosted its position in IREN by 1,055.2% during the third quarter. Foundations Investment Advisors LLC now owns 115,754 shares of the company's stock valued at $5,432,000 after acquiring an additional 105,734 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company's stock.

IREN Stock Performance

Shares of IREN opened at $52.02 on Friday. IREN Limited has a one year low of $5.72 and a one year high of $76.87. The company has a market cap of $17.29 billion, a PE ratio of 39.11 and a beta of 4.30. The stock has a 50-day moving average of $41.28 and a 200-day moving average of $47.61. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings results 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). The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $229.64 million. IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm's quarterly revenue was down 23.1% on a year-over-year basis. On average, equities research analysts predict that IREN Limited will post -0.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent analyst reports. B. Riley Financial reiterated a "buy" rating on shares of IREN in a report on Friday, February 6th. Weiss Ratings lowered IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday. HC Wainwright upgraded IREN from a "sell" rating to a "buy" rating and set a $80.00 target price for the company in a report on Tuesday, January 13th. Wall Street Zen lowered IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. Finally, Cantor Fitzgerald cut their price target on IREN to $61.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Thirteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $70.08.

IREN Company 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.

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