Alkeon Capital Management LLC Makes New $14.57 Million Investment in IREN Limited $IREN

Alkeon Capital Management LLC bought a new stake in shares of IREN Limited (NASDAQ:IREN) in the second quarter, Holdings Channel reports. The fund bought 1,000,000 shares of the company’s stock, valued at approximately $14,570,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE purchased a new stake in shares of IREN during the first quarter worth approximately $69,000. Charles Schwab Investment Management Inc. boosted its stake in IREN by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock worth $4,927,000 after purchasing an additional 98,190 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in IREN by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock worth $123,000 after purchasing an additional 2,035 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of IREN during the first quarter worth $169,000. Finally, Wellington Management Group LLP grew its holdings in shares of IREN by 11.7% during the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after buying an additional 1,387 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Price Performance

IREN stock opened at $40.13 on Friday. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average price of $54.84 and a 200 day moving average price of $32.93. IREN Limited has a 12-month low of $5.13 and a 12-month high of $76.87. The stock has a market cap of $11.38 billion, a P/E ratio of 20.69 and a beta of 4.23.

Analysts Set New Price Targets

Several research firms have recently weighed in on IREN. UBS Group reissued a “buy” rating on shares of IREN in a research note on Friday, November 7th. B. Riley reiterated a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Cantor Fitzgerald raised their target price on shares of IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a research note on Friday, August 29th. Roth Capital set a $94.00 target price on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Finally, HC Wainwright increased their price target on IREN from $45.00 to $56.00 and gave the company a “sell” rating in a report on Tuesday, November 4th. Twelve investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.85.

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.