Alkeon Capital Management LLC Has $30.22 Million Stock Holdings in IREN Limited $IREN

Alkeon Capital Management LLC cut its stake in IREN Limited (NASDAQ:IREN) by 46.7% during the fourth quarter, HoldingsChannel reports. The fund owned 800,000 shares of the company’s stock after selling 700,000 shares during the quarter. Alkeon Capital Management LLC’s holdings in IREN were worth $30,216,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of IREN. Invesco Ltd. increased its stake in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the last quarter. StoneX Group Inc. acquired a new position in shares of IREN in the second quarter worth $158,000. NewEdge Advisors LLC increased its stake in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after acquiring an additional 30,736 shares during the last quarter. Sei Investments Co. acquired a new position in shares of IREN in the second quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp increased its stake in shares of IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after acquiring an additional 4,200 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Trading Up 1.8%

IREN stock opened at $60.85 on Tuesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company has a market capitalization of $21.75 billion, a price-to-earnings ratio of 126.77 and a beta of 4.22. IREN Limited has a one year low of $9.52 and a one year high of $76.87. The company’s fifty day moving average price is $52.51 and its two-hundred day moving average price is $47.06.

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

Analyst Upgrades and Downgrades

IREN has been the topic of a number of research reports. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research note on Thursday, June 4th. HC Wainwright upped their price target on shares of IREN to $85.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Cantor Fitzgerald upped their price target on shares of IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Canaccord Genuity Group upped their price target on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Finally, BTIG Research increased their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, IREN has an average rating of “Moderate Buy” and an average target price of $82.62.

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.