Richmond Investment Services LLC Takes Position in IREN Limited $IREN

Richmond Investment Services LLC bought a new position in shares of IREN Limited (NASDAQ:IREN) in the second quarter, Holdings Channel reports. The institutional investor bought 19,022 shares of the company’s stock, valued at approximately $277,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IREN. Quarry LP acquired a new stake in IREN in the 1st quarter worth about $40,000. Delta Financial Group Inc. purchased a new position in shares of IREN in the first quarter valued at approximately $61,000. R Squared Ltd lifted its position in shares of IREN by 170.1% in the first quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after acquiring an additional 6,480 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares during the last quarter. Finally, US Bancorp DE purchased a new stake in shares of IREN during the first quarter worth approximately $69,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on IREN shares. Citigroup initiated coverage on IREN in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Arete started coverage on shares of IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 target price for the company. Cantor Fitzgerald raised their price target 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. Macquarie boosted their price target on shares of IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Citizens Jmp initiated coverage on shares of IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.43.

IREN Trading Up 2.1%

Shares of IREN stock opened at $48.45 on Thursday. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN Limited has a twelve month low of $5.13 and a twelve month high of $76.87. The company’s 50-day moving average price is $54.62 and its 200-day moving average price is $30.02. The stock has a market cap of $13.73 billion, a price-to-earnings ratio of 24.97 and a beta of 4.21.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The firm had revenue of $187.30 million during the quarter, compared to analysts’ expectations of $187.51 million. As a group, equities analysts predict that IREN Limited will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.02% of the stock is owned by insiders.

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.