Alkeon Capital Management LLC Takes $14.57 Million Position in IREN Limited $IREN

Alkeon Capital Management LLC purchased a new position in IREN Limited (NASDAQ:IREN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,000,000 shares of the company’s stock, valued at approximately $14,570,000. Alkeon Capital Management LLC owned 0.53% of IREN at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of IREN. Advisors Asset Management Inc. boosted its holdings in shares of IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after acquiring an additional 1,839 shares during the last quarter. Quarry LP purchased a new position in shares of IREN during the first quarter worth $40,000. SLT Holdings LLC acquired a new position in IREN during the second quarter valued at $146,000. Foundations Investment Advisors LLC purchased a new stake in IREN in the second quarter valued at $146,000. Finally, StoneX Group Inc. purchased a new stake in IREN in the second quarter valued at $158,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IREN. HC Wainwright boosted their price objective on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a report on Tuesday, November 4th. BTIG Research lifted their price target on IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Arete Research assumed coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective on the stock. Wall Street Zen cut shares of IREN from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Finally, UBS Group reaffirmed a “buy” rating on shares of IREN in a report on Friday, November 7th. Twelve equities 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.85.

IREN Price Performance

IREN stock opened at $40.13 on Friday. The stock has a market capitalization of $11.38 billion, a P/E ratio of 20.69 and a beta of 4.23. The company’s fifty day moving average price is $54.84 and its 200 day moving average price is $32.93. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. IREN Limited has a 1 year low of $5.13 and a 1 year high of $76.87.

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.