Trexquant Investment LP Has $6.32 Million Stake in IREN Limited $IREN

Key Points

• Trexquant Investment LP significantly increased its stake in IREN Limited by purchasing an additional 636,767 shares, bringing its total ownership to approximately 1,038,220 shares, valued at $6.32 million.
• Brokerages have recently upgraded their price targets on IREN, with HC Wainwright raising their price objective from $21 to $36 and Cantor Fitzgerald from $27 to $41, indicating a generally positive outlook on the stock.
• IREN Limited operates bitcoin mining data centers and has shown substantial stock performance, trading at $26.48, having reached a one-year high of $29.50.

Trexquant Investment LP increased its position in shares of IREN Limited (NASDAQ:IREN - Free Report) by 158.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,038,220 shares of the company's stock after acquiring an additional 636,767 shares during the quarter. Trexquant Investment LP owned approximately 0.55% of IREN worth $6,323,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of IREN. First Trust Advisors LP grew its holdings in IREN by 9.6% in the fourth quarter. First Trust Advisors LP now owns 343,833 shares of the company's stock valued at $3,376,000 after purchasing an additional 30,160 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after buying an additional 7,646 shares during the period. AlTi Global Inc. acquired a new stake in shares of IREN during the 4th quarter worth $295,000. Bank of America Corp DE raised its position in shares of IREN by 46.5% in the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after buying an additional 59,250 shares during the period. Finally, Balyasny Asset Management L.P. boosted its holdings in IREN by 6.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 351,219 shares of the company's stock valued at $3,449,000 after acquiring an additional 22,635 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on IREN. B. Riley increased their target price on shares of IREN from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Friday. Canaccord Genuity Group raised their target price on shares of IREN from $23.00 to $37.00 and gave the company a "buy" rating in a research note on Friday. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. HC Wainwright increased their price target on IREN from $21.00 to $36.00 and gave the company a "buy" rating in a report on Friday. Finally, Roth Capital restated a "buy" rating on shares of IREN in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.88.

IREN Stock Performance

Shares of NASDAQ IREN traded up $2.63 during midday trading on Tuesday, hitting $29.11. The company's stock had a trading volume of 50,735,147 shares, compared to its average volume of 19,615,629. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29. IREN Limited has a 1-year low of $5.13 and a 1-year high of $29.85. The firm's fifty day moving average price is $17.96 and its 200-day moving average price is $11.38. The firm has a market cap of $5.47 billion, a P/E ratio of 49.34 and a beta of 4.03.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a return on equity of 1.34% and a net margin of 33.03%.The business had revenue of $187.30 million during the quarter, compared to the consensus estimate of $187.51 million. On average, sell-side analysts forecast that IREN Limited will post 0.43 EPS for the current fiscal 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.