IREN Limited $IREN Shares Sold by Alkeon Capital Management LLC

Alkeon Capital Management LLC trimmed its position in IREN Limited (NASDAQ:IREN) by 46.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 800,000 shares of the company’s stock after selling 700,000 shares during the period. Alkeon Capital Management LLC owned approximately 0.24% of IREN worth $30,216,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IREN. Invesco Ltd. increased its holdings in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after buying an additional 936,333 shares in the last quarter. StoneX Group Inc. bought a new position in shares of IREN in the second quarter valued at $158,000. NewEdge Advisors LLC increased its holdings in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after buying an additional 30,736 shares in the last quarter. Sei Investments Co. bought a new position in shares of IREN in the second quarter valued at $2,333,000. Finally, Peapack Gladstone Financial Corp increased its holdings in shares of IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares in the last quarter. Institutional investors own 41.08% of the company’s stock.

IREN Price Performance

Shares of NASDAQ:IREN opened at $60.85 on Tuesday. The company’s fifty day moving average is $52.51 and its two-hundred day moving average is $47.06. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. IREN Limited has a 12-month low of $9.52 and a 12-month high of $76.87. The company has a market cap of $21.75 billion, a P/E ratio of 126.77 and a beta of 4.22.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. Equities analysts expect that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on IREN. Canaccord Genuity Group upped their price target on IREN from $70.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. The Goldman Sachs Group set a $50.00 price target on IREN in a report on Wednesday, May 27th. HC Wainwright upped their price target on IREN to $85.00 and gave the company a “buy” rating in a report on Friday, May 8th. Freedom Capital raised IREN to a “hold” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Thirteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.62.

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.