Phoenix Financial Ltd. Cuts Stake in IREN Limited $IREN

Phoenix Financial Ltd. decreased its holdings in IREN Limited (NASDAQ:IREN) by 38.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,264 shares of the company’s stock after selling 23,726 shares during the period. Phoenix Financial Ltd.’s holdings in IREN were worth $543,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of IREN in the 1st quarter valued at $40,000. Delta Financial Group Inc. bought a new stake in IREN during the 1st quarter valued at $61,000. R Squared Ltd raised its holdings in IREN by 170.1% during the 1st quarter. R Squared Ltd now owns 10,290 shares of the company’s stock valued at $63,000 after buying an additional 6,480 shares during the last quarter. US Bancorp DE bought a new stake in IREN during the 1st quarter valued at $69,000. Finally, Wellington Management Group LLP raised its holdings in IREN by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after buying an additional 1,387 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Stock Down 6.1%

Shares of NASDAQ IREN opened at $51.83 on Thursday. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. IREN Limited has a 12 month low of $5.13 and a 12 month high of $74.15. The firm has a market capitalization of $14.10 billion, a PE ratio of 87.85 and a beta of 4.19. The firm has a fifty day simple moving average of $39.73 and a two-hundred day simple moving average of $21.03.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Equities analysts expect that IREN Limited will post 0.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of recent analyst reports. Jones Trading lowered shares of IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Sanford C. Bernstein reiterated an “outperform” rating and set a $75.00 price target on shares of IREN in a report on Thursday, September 25th. Macquarie upped their price target on shares of IREN to $86.00 and gave the company an “outperform” rating in a report on Wednesday. B. Riley reiterated a “buy” rating on shares of IREN in a report on Wednesday. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $24.00 price objective (up from $16.00) on shares of IREN in a report on Friday, September 26th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IREN presently has an average rating of “Moderate Buy” and a consensus target price of $54.45.

Insider Activity

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 13,989,696 shares in the company, valued at $463,478,628.48. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.02% of the stock is currently owned by insiders.

IREN Company 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.