Sippican Capital Advisors Grows Position in IREN Limited $IREN

Key Points

• Sippican Capital Advisors increased its stake in IREN Limited by 28.6% in Q2, owning 24,230 shares valued at $353,000 after purchasing 5,390 additional shares.
• CEO Daniel John Roberts sold 1,000,000 shares of IREN stock for approximately $33.13 million, reducing his ownership by 6.67%.
• IREN Limited's stock has significantly risen, reaching a 52-week high of $70.05 and is currently rated as a Moderate Buy with a consensus target price of $47.73.

Sippican Capital Advisors grew its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 28.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,230 shares of the company's stock after purchasing an additional 5,390 shares during the quarter. Sippican Capital Advisors' holdings in IREN were worth $353,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of IREN. Situational Awareness LP bought a new position in shares of IREN during the 1st quarter valued at about $20,500,000. Trexquant Investment LP increased its position in shares of IREN by 158.6% during the 1st quarter. Trexquant Investment LP now owns 1,038,220 shares of the company's stock valued at $6,323,000 after purchasing an additional 636,767 shares during the last quarter. Private Advisor Group LLC increased its position in shares of IREN by 4,075.5% during the 1st quarter. Private Advisor Group LLC now owns 508,118 shares of the company's stock valued at $3,094,000 after purchasing an additional 495,949 shares during the last quarter. Mizuho Markets Americas LLC increased its position in shares of IREN by 1,832.5% during the 1st quarter. Mizuho Markets Americas LLC now owns 502,459 shares of the company's stock valued at $3,060,000 after purchasing an additional 476,459 shares during the last quarter. Finally, Ieq Capital LLC bought a new position in shares of IREN during the 1st quarter valued at about $2,876,000. 41.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities analysts have recently commented on the company. B. Riley increased their price objective on IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $75.00 price objective on shares of IREN in a research report on Thursday, September 25th. Roth Capital reissued a "buy" rating and set a $35.00 price objective on shares of IREN in a research note on Friday, August 29th. Finally, HC Wainwright increased their price objective on IREN from $21.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, IREN has an average rating of "Moderate Buy" and a consensus target price of $47.73.

IREN Stock Performance

Shares of IREN stock opened at $59.77 on Friday. The stock has a fifty day moving average of $32.75 and a 200 day moving average of $18.08. IREN Limited has a 52 week low of $5.13 and a 52 week high of $70.05. The firm has a market capitalization of $16.26 billion, a price-to-earnings ratio of 101.31 and a beta of 4.19. The company has a quick ratio of 4.29, a current ratio of 4.29 and a debt-to-equity ratio of 0.53.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.19 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 company had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. As a group, research analysts expect that IREN Limited will post 0.43 earnings per share 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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