Avaii Wealth Management LLC Has $5.51 Million Stock Position in IREN Limited $IREN

Avaii Wealth Management LLC lifted its holdings in IREN Limited (NASDAQ:IREN) by 208.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 145,767 shares of the company’s stock after purchasing an additional 98,581 shares during the period. IREN accounts for about 2.0% of Avaii Wealth Management LLC’s investment portfolio, making the stock its 19th biggest holding. Avaii Wealth Management LLC owned approximately 0.05% of IREN worth $5,506,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in IREN during the 3rd quarter worth $1,854,000. Wealth Enhancement Advisory Services LLC boosted its holdings in IREN by 88.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 115,230 shares of the company’s stock valued at $5,408,000 after acquiring an additional 53,982 shares during the period. Meridian Wealth Management LLC acquired a new stake in shares of IREN in the third quarter valued at about $2,995,000. Hood River Capital Management LLC bought a new position in shares of IREN in the second quarter worth about $74,228,000. Finally, Beryl Capital Management LLC bought a new position in shares of IREN in the second quarter worth about $5,828,000. 41.08% of the stock is currently owned by institutional investors.

IREN Trading Down 9.6%

Shares of IREN opened at $37.45 on Friday. IREN Limited has a 12-month low of $5.13 and a 12-month high of $76.87. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 28.16 and a beta of 4.31. The stock’s 50-day moving average price is $45.46 and its 200 day moving average price is $47.49.

IREN (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.37). IREN had a negative return on equity of 10.01% and a net margin of 56.59%.The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. The company’s quarterly revenue was down 23.1% on a year-over-year basis. As a group, research analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

IREN has been the subject of several recent analyst reports. HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 target price for the company in a research note on Tuesday, January 13th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. The Goldman Sachs Group initiated coverage on IREN in a report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target for the company. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Finally, Cantor Fitzgerald lowered their price objective on shares of IREN to $82.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Thirteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.69.

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.