Ardmore Road Asset Management LP Buys New Shares in IREN Limited $IREN

Ardmore Road Asset Management LP purchased a new position in IREN Limited (NASDAQ:IREN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 288,920 shares of the company’s stock, valued at approximately $4,210,000. Ardmore Road Asset Management LP owned about 0.15% of IREN at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of IREN during the 1st quarter worth about $40,000. Advisors Asset Management Inc. increased its position in IREN by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after purchasing an additional 1,839 shares during the last quarter. US Bancorp DE purchased a new position in IREN during the first quarter worth approximately $69,000. Wellington Management Group LLP boosted its holdings in shares of 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 purchasing an additional 1,387 shares during the last quarter. Finally, CW Advisors LLC acquired a new position in shares of IREN in the 1st quarter valued at $122,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Insider Activity at IREN

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were 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 directly owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. This 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 can be accessed through this link. Insiders own 5.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. HC Wainwright upped their price target on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research note on Tuesday, November 4th. JPMorgan Chase & Co. boosted their target price on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, November 24th. Roth Capital set a $94.00 target price on shares of IREN and gave the stock a “buy” rating in a research report on Monday, November 3rd. Citizens Jmp initiated coverage on shares of IREN in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 price target on the stock. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 price objective on shares of IREN in a research note on Thursday, September 25th. Twelve research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.85.

IREN Stock Performance

IREN stock opened at $44.71 on Friday. The firm has a market capitalization of $12.67 billion, a PE ratio of 23.05 and a beta of 4.23. IREN Limited has a one year low of $5.13 and a one year high of $76.87. The stock’s 50 day moving average price is $55.17 and its 200 day moving average price is $31.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

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.