Two Seas Capital LP Sells 195,000 Shares of IREN Limited $IREN

Key Points

• Two Seas Capital LP decreased its stake in IREN Limited by 22.7%, selling 195,000 shares, which brings their total holdings to 665,000 shares, accounting for only 0.1% of their portfolio.
• Multiple hedge funds have recently increased or established new stakes in IREN, with notable acquisitions contributing to institutional ownership reaching 41.08% of the company's stock.
• Analysts have mixed opinions, with some upgrading IREN to a "buy" rating while others have lowered it to "hold," reflecting a consensus rating of "Moderate Buy" and an average target price of $30.44.

Two Seas Capital LP lowered its stake in IREN Limited (NASDAQ:IREN - Free Report) by 22.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 665,000 shares of the company's stock after selling 195,000 shares during the period. IREN accounts for 0.1% of Two Seas Capital LP's holdings, making the stock its 17th largest holding. Two Seas Capital LP owned approximately 0.35% of IREN worth $4,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Main Management LLC acquired a new stake in IREN in the fourth quarter valued at approximately $49,000. Crewe Advisors LLC acquired a new stake in IREN in the first quarter valued at approximately $39,000. Quarry LP acquired a new stake in IREN in the first quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in IREN by 1,059.0% in the fourth 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 in the last quarter. Finally, Delta Financial Group Inc. acquired a new stake in IREN in the first quarter valued at approximately $61,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Analysts Set New Price Targets

IREN has been the topic of a number of research analyst reports. Jones Trading lowered shares of IREN from a "buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Roth Capital restated a "buy" rating and issued a $35.00 target price on shares of IREN in a research report on Friday, August 29th. Wall Street Zen upgraded shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. B. Riley raised their target price on shares of IREN from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, HC Wainwright lifted their price target on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.44.

IREN Price Performance

Shares of NASDAQ:IREN opened at $26.15 on Friday. The firm has a market cap of $4.91 billion, a PE ratio of 44.32 and a beta of 4.03. The firm's fifty day moving average is $19.14 and its 200-day moving average is $11.79. 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 52 week low of $5.13 and a 52 week high of $30.01.

IREN (NASDAQ:IREN - Get Free Report) last issued 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. The company had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Sell-side analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

IREN 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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