Wealth Enhancement Advisory Services LLC Grows Stock Position in IREN Limited $IREN

Wealth Enhancement Advisory Services LLC lifted its position in IREN Limited (NASDAQ:IREN) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,248 shares of the company’s stock after purchasing an additional 3,307 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in IREN were worth $892,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of IREN by 11.7% during the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after purchasing an additional 1,387 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of IREN by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock worth $123,000 after purchasing an additional 2,035 shares during the period. TRU Independence Asset Management 2 LLC lifted its holdings in shares of IREN by 22.1% during the first quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company’s stock worth $123,000 after purchasing an additional 3,670 shares during the period. Belpointe Asset Management LLC lifted its holdings in shares of IREN by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company’s stock worth $152,000 after purchasing an additional 4,465 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of IREN by 28.9% during the first quarter. Apollon Wealth Management LLC now owns 20,471 shares of the company’s stock worth $125,000 after purchasing an additional 4,587 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Stock Down 0.1%

Shares of IREN opened at $47.02 on Friday. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN Limited has a 12 month low of $5.13 and a 12 month high of $49.39. The stock’s 50 day moving average is $27.63 and its two-hundred day moving average is $15.86. The firm has a market cap of $12.79 billion, a P/E ratio of 79.69 and a beta of 4.18.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating 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 company had revenue of $187.30 million for the quarter, compared to analyst estimates of $187.51 million. Analysts predict that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at approximately $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.55% of the company’s stock.

Analysts Set New Price Targets

IREN has been the subject of a number of research reports. Cantor Fitzgerald lifted their target price on IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $75.00 target price on shares of IREN in a report on Thursday, September 25th. HC Wainwright lifted their price target on IREN from $21.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, August 29th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $24.00 price target (up from $16.00) on shares of IREN in a research report on Friday, September 26th. Finally, Jones Trading cut IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and a consensus price target of $47.73.

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.