Polymer Capital Management HK LTD Sells 104,336 Shares of IREN Limited $IREN

Polymer Capital Management HK LTD reduced its stake in IREN Limited (NASDAQ:IREN) by 88.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,020 shares of the company’s stock after selling 104,336 shares during the quarter. Polymer Capital Management HK LTD’s holdings in IREN were worth $530,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Oppenheimer & Co. Inc. raised its holdings in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock worth $1,018,000 after acquiring an additional 19,423 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in IREN by 282.2% in the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock worth $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Avaii Wealth Management LLC raised its holdings in IREN by 208.9% in the 4th quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock worth $5,506,000 after acquiring an additional 98,581 shares during the last quarter. Private Advisor Group LLC raised its holdings in IREN by 12.7% in the 3rd quarter. Private Advisor Group LLC now owns 781,666 shares of the company’s stock worth $36,684,000 after acquiring an additional 88,081 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in IREN in the 4th quarter worth approximately $939,000. 41.08% of the stock is owned by institutional investors.

IREN Price Performance

Shares of IREN 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 current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a fifty day simple moving average of $51.99 and a two-hundred day simple moving average of $46.98. IREN Limited has a 1-year low of $9.52 and a 1-year high of $76.87.

IREN (NASDAQ:IREN) last announced its earnings results 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). The company had revenue of $144.80 million for the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. On average, equities analysts anticipate that IREN Limited will post -1.25 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on IREN shares. HC Wainwright boosted their price objective on shares of IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. B. Riley Financial boosted their price objective on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, Cantor Fitzgerald boosted their price objective on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.62.

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.