HighTower Advisors LLC Acquires New Shares in IREN Limited $IREN

HighTower Advisors LLC bought a new stake in IREN Limited (NASDAQ:IREN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 54,010 shares of the company’s stock, valued at approximately $2,535,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of IREN in the 3rd quarter valued at approximately $25,000. Sherman Asset Management Inc. bought a new position in IREN in the 3rd quarter valued at approximately $59,000. Advisors Asset Management Inc. lifted its stake in IREN by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new stake in IREN in the third quarter valued at approximately $74,000. Finally, Foundations Investment Advisors LLC bought a new stake in shares of IREN during the second quarter worth $146,000. Institutional investors own 41.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IREN. Wall Street Zen cut IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 7th. Roth Mkm set a $94.00 target price on IREN and gave the company a “buy” rating in a research report on Monday, November 3rd. B. Riley Financial restated a “buy” rating on shares of IREN in a report on Friday, February 6th. Cantor Fitzgerald lowered their price objective on IREN to $82.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $70.00 target price on shares of IREN in a research report on Tuesday, February 10th. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, IREN has an average rating of “Moderate Buy” and an average price target of $71.69.

IREN Trading Down 7.4%

Shares of IREN stock opened at $40.95 on Friday. IREN Limited has a 1-year low of $5.13 and a 1-year high of $76.87. The company has a current ratio of 4.96, a quick ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock has a market cap of $13.61 billion, a price-to-earnings ratio of 30.79 and a beta of 4.27. The stock has a 50-day moving average of $46.73 and a 200-day moving average of $45.06.

IREN (NASDAQ:IREN) last announced its earnings results on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company’s revenue was down 23.1% compared to the same quarter last year. On average, equities research analysts forecast that IREN Limited will post 0.43 earnings per share 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.