Sumitomo Mitsui Trust Group Inc. Acquires Shares of 609,054 IREN Limited $IREN

Key Points

• Sumitomo Mitsui Trust Group Inc. initiated a new position in IREN Limited in the first quarter, buying 609,054 shares valued at about $20.9 million.
• Other institutional investors also increased exposure to IREN, and institutions now own about 41.08% of the company’s shares.
• Analysts remain broadly positive on IREN, with an average Moderate Buy rating and a consensus price target of $82.36, even though the stock recently traded at $38.98 after the company reported a quarterly EPS miss and weaker-than-expected revenue.

Sumitomo Mitsui Trust Group Inc. bought a new position in IREN Limited (NASDAQ:IREN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 609,054 shares of the company's stock, valued at approximately $20,878,000. Sumitomo Mitsui Trust Group Inc. owned 0.18% of IREN as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of IREN. Oppenheimer & Co. Inc. increased its position in IREN by 257.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company's stock valued at $1,018,000 after acquiring an additional 19,423 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company's stock worth $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Avaii Wealth Management LLC lifted its holdings in shares of IREN by 208.9% in the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company's stock worth $5,506,000 after acquiring an additional 98,581 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of IREN by 349.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company's stock worth $4,379,000 after purchasing an additional 99,384 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of IREN during the 4th quarter worth about $939,000. Institutional investors own 41.08% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of IREN in a research report on Thursday, June 18th. They issued a "buy" rating and a $79.00 price objective on the stock. HC Wainwright boosted their target price on IREN to $85.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Freedom Capital upgraded IREN from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. B. Riley Financial raised their price target on IREN from $88.00 to $96.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group set a $50.00 price objective on IREN in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, IREN has an average rating of "Moderate Buy" and an average price target of $82.36.

IREN Stock Performance

IREN stock opened at $38.98 on Tuesday. The company has a 50 day moving average price of $54.01 and a 200-day moving average price of $47.75. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. IREN Limited has a fifty-two week low of $14.72 and a fifty-two week high of $76.87. The company has a market capitalization of $13.93 billion, a PE ratio of 81.21 and a beta of 4.27.

IREN (NASDAQ:IREN - Get Free Report) last announced 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 firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, equities analysts forecast that IREN Limited will post -1.25 earnings per share for the current year.

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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