Resona Asset Management Co. Ltd. Invests $2.71 Million in IREN Limited $IREN

Key Points

• Resona Asset Management opened a new position in IREN Limited in the first quarter, buying 78,932 shares worth about $2.71 million.
• Several other institutional investors also increased their stakes, and 41.08% of IREN’s stock is now held by institutions, indicating meaningful professional investor interest.
• IREN recently reported a Q4 EPS miss and revenue below expectations, while analysts still maintain a Moderate Buy consensus with an average price target of $82.36.

Resona Asset Management Co. Ltd. purchased a new position in IREN Limited (NASDAQ:IREN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 78,932 shares of the company's stock, valued at approximately $2,706,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Richmond Investment Services LLC grew its holdings in shares of IREN by 10.2% during the first quarter. Richmond Investment Services LLC now owns 26,135 shares of the company's stock valued at $896,000 after buying an additional 2,422 shares during the last quarter. Meitav Investment House Ltd. lifted its holdings in shares of IREN by 1.3% during the 1st quarter. Meitav Investment House Ltd. now owns 332,860 shares of the company's stock valued at $11,378,000 after buying an additional 4,260 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of IREN by 2.6% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 157,000 shares of the company's stock worth $5,382,000 after buying an additional 4,000 shares during the last quarter. Ascentis Independent Advisors purchased a new position in shares of IREN in the 1st quarter worth $100,000. Finally, GM Advisory Group LLC grew its holdings in shares of IREN by 119.4% in the first quarter. GM Advisory Group LLC now owns 109,515 shares of the company's stock worth $3,754,000 after acquiring an additional 59,603 shares during the period. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Performance

Shares of IREN opened at $38.98 on Tuesday. The business has a 50-day simple moving average of $54.01 and a two-hundred day simple moving average of $47.75. 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 Limited has a 52 week low of $14.72 and a 52 week high of $76.87. The stock has a market cap of $13.93 billion, a price-to-earnings ratio of 81.21 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analysts' expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, analysts expect that IREN Limited will post -1.25 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on IREN shares. The Goldman Sachs Group set a $50.00 target price on IREN in a report on Wednesday, May 27th. BTIG Research upped their price target on shares of IREN to $80.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Jefferies Financial Group assumed coverage on shares of IREN in a research report on Thursday, June 18th. They set a "buy" rating and a $79.00 price target for the company. B. Riley Financial increased their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Finally, Freedom Capital raised shares of IREN from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, IREN has an average rating of "Moderate Buy" and a consensus target price of $82.36.

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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