Clear Street Group Inc. Invests $137.08 Million in IREN Limited $IREN

Clear Street Group Inc. bought a new stake in IREN Limited (NASDAQ:IREN) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,629,194 shares of the company’s stock, valued at approximately $137,075,000. IREN comprises about 0.5% of Clear Street Group Inc.’s holdings, making the stock its 14th largest position. Clear Street Group Inc. owned approximately 1.09% of IREN as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Miller Wealth Advisors LLC lifted its stake in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. purchased a new stake in shares of IREN in the 4th quarter valued at $26,000. Clearstead Trust LLC acquired a new stake in shares of IREN in the fourth quarter worth $27,000. Aventura Private Wealth LLC acquired a new stake in shares of IREN in the fourth quarter worth $28,000. Finally, Motco purchased a new position in shares of IREN during the fourth quarter worth $30,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Canaccord Genuity Group increased their price target on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group set a $50.00 price objective on IREN in a research note on Wednesday, May 27th. HC Wainwright upped their target price on IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. raised their target price on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Thirteen 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $82.62.

IREN Stock Up 5.4%

IREN stock opened at $59.77 on Friday. The firm has a market cap of $21.36 billion, a PE ratio of 124.52 and a beta of 4.22. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The firm’s fifty day moving average is $51.99 and its 200 day moving average is $46.98. IREN Limited has a one year low of $9.52 and a one year high of $76.87.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The firm had revenue of $144.80 million during the quarter, compared to analyst estimates of $219.69 million. On average, research analysts forecast that IREN Limited will post -1.25 EPS for the current 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.