Envestnet Asset Management Inc. Acquires Shares of 17,470 IREN Limited $IREN

Envestnet Asset Management Inc. bought a new stake in IREN Limited (NASDAQ:IREN) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 17,470 shares of the company’s stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IREN. Quarry LP purchased a new stake in IREN during the 1st quarter valued at approximately $40,000. Delta Financial Group Inc. acquired a new position in shares of IREN in the first quarter valued at approximately $61,000. R Squared Ltd raised its stake in shares of IREN by 170.1% during the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock worth $63,000 after purchasing an additional 6,480 shares during the last quarter. US Bancorp DE acquired a new stake in shares of IREN during the first quarter worth $69,000. Finally, Wellington Management Group LLP grew its position in IREN by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after buying an additional 1,387 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on IREN shares. Arete started coverage on shares of IREN in a research report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price objective for the company. Compass Point reissued a “buy” rating and set a $105.00 price target on shares of IREN in a report on Friday, November 7th. Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Wall Street Zen raised IREN from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of IREN in a report on Monday. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.43.

Insiders Place Their Bets

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 5.02% of the company’s stock.

IREN Price Performance

IREN stock opened at $47.89 on Friday. The firm has a 50 day moving average of $55.05 and a 200-day moving average of $30.43. The company has a market cap of $13.58 billion, a price-to-earnings ratio of 24.69 and a beta of 4.21. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN Limited has a 12-month low of $5.13 and a 12-month high of $76.87.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $187.51 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%. As a group, equities analysts expect that IREN Limited will post 0.43 EPS for the current fiscal 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.