Sunbelt Securities Inc. Has $1.24 Million Stock Holdings in IREN Limited $IREN

Sunbelt Securities Inc. grew its stake in shares of IREN Limited (NASDAQ:IREN) by 13,040.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,852 shares of the company’s stock after purchasing an additional 32,602 shares during the period. Sunbelt Securities Inc.’s holdings in IREN were worth $1,241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of IREN. Invesco Ltd. increased its stake in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. purchased a new stake in IREN during the second quarter valued at about $158,000. NewEdge Advisors LLC boosted 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 worth $631,000 after buying an additional 30,736 shares during the period. Sei Investments Co. acquired a new position in shares of IREN in the second quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp boosted its stake in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after purchasing an additional 4,200 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of IREN in a research note on Thursday. They set a “buy” rating and a $79.00 target price on the stock. Cantor Fitzgerald raised their target price on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Canaccord Genuity Group lifted 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. Sanford C. Bernstein set a $96.00 price target on IREN in a research report on Thursday, June 4th. Finally, Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Fourteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Price Performance

Shares of NASDAQ:IREN opened at $59.96 on Friday. The firm has a market cap of $21.43 billion, a price-to-earnings ratio of 124.92 and a beta of 4.22. IREN Limited has a 1 year low of $9.82 and a 1 year high of $76.87. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The business has a fifty day simple moving average of $54.40 and a 200 day simple moving average of $47.38.

IREN (NASDAQ:IREN) last issued its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates 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 $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. As a group, sell-side analysts predict that IREN Limited will post -1.25 earnings per share for the current fiscal year.

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.