Alight Capital Management LP Sells 260,000 Shares of IREN Limited $IREN

Alight Capital Management LP lessened its holdings in IREN Limited (NASDAQ:IREN) by 65.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 140,000 shares of the company’s stock after selling 260,000 shares during the period. IREN makes up about 1.4% of Alight Capital Management LP’s investment portfolio, making the stock its 26th largest position. Alight Capital Management LP’s holdings in IREN were worth $6,570,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of IREN. Situational Awareness LP lifted its position in IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Hood River Capital Management LLC bought a new stake in shares of IREN in the 2nd quarter worth about $74,228,000. Value Aligned Research Advisors LLC raised its position in shares of IREN by 10.9% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,621,974 shares of the company’s stock valued at $169,979,000 after buying an additional 355,826 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after acquiring an additional 936,333 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of IREN by 37.3% in the 3rd quarter. UBS Group AG now owns 2,767,452 shares of the company’s stock valued at $129,877,000 after acquiring an additional 751,635 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on IREN. Zacks Research raised IREN from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. JPMorgan Chase & Co. raised their price objective on IREN from $28.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday, November 24th. HC Wainwright upgraded IREN from a “sell” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday, January 13th. Wall Street Zen downgraded IREN from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 9th. Thirteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and an average target price of $71.69.

IREN Price Performance

Shares of IREN stock opened at $41.58 on Friday. The stock has a 50 day moving average price of $46.70 and a 200 day moving average price of $46.65. IREN Limited has a 52-week low of $5.13 and a 52-week high of $76.87. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The firm has a market capitalization of $13.82 billion, a P/E ratio of 31.26 and a beta of 4.31.

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

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.