Situational Awareness LP Buys 2,998,214 Shares of IREN Limited $IREN

Key Points

• Situational Awareness LP increased its IREN stake by 34.5% in the first quarter, buying 2,998,214 shares and bringing its holdings to 11.7 million shares valued at approximately $401 million.
• IREN reported a quarterly loss of $0.25 per share and revenue of $144.8 million, missing analyst expectations for both earnings and revenue. Analysts expect a full-year loss of $1.96 per share.
• Despite the weak results, Wall Street maintains a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $82.71, compared with the stock’s reported price of $33.93.

Situational Awareness LP lifted its stake in shares of IREN Limited (NASDAQ:IREN - Free Report) by 34.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,698,835 shares of the company's stock after purchasing an additional 2,998,214 shares during the quarter. IREN accounts for about 2.9% of Situational Awareness LP's portfolio, making the stock its 4th largest position. Situational Awareness LP owned about 3.27% of IREN worth $401,036,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Miller Wealth Advisors LLC boosted its position in IREN by 240.0% in the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company's stock valued at $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in shares of IREN during the fourth quarter worth $26,000. Clearstead Trust LLC bought a new stake in shares of IREN during the fourth quarter worth $27,000. Motco acquired a new position in shares of IREN during the fourth quarter worth $30,000. Finally, Purpose Unlimited Inc. acquired a new position in shares of IREN during the fourth quarter worth $34,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Stock Performance

NASDAQ IREN opened at $33.93 on Wednesday. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 70.69 and a beta of 4.27. 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 twelve month low of $14.72 and a twelve month high of $76.87. The stock has a fifty day simple moving average of $50.13 and a 200 day simple moving average of $47.46.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. Sell-side analysts expect that IREN Limited will post -1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on IREN shares. Citigroup reissued a "market outperform" rating on shares of IREN in a report on Tuesday, July 21st. Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They issued a "buy" rating and a $79.00 target price for the company. JPMorgan Chase & Co. increased their target price on IREN from $39.00 to $46.00 and gave the company an "underweight" rating in a research report on Monday, May 11th. Freedom Capital raised IREN from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 6th. Finally, HC Wainwright boosted their price target on IREN from $85.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $82.71.

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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