Verity Asset Management Inc. Purchases New Position in IREN Limited $IREN

Verity Asset Management Inc. purchased a new stake in shares of IREN Limited (NASDAQ:IREN) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 26,045 shares of the company’s stock, valued at approximately $379,000.

Other institutional investors also recently bought and sold shares of the company. Quarry LP purchased a new position in IREN during the first quarter valued at approximately $40,000. Delta Financial Group Inc. purchased a new stake in shares of IREN in the first quarter valued at approximately $61,000. R Squared Ltd increased its position in shares of IREN by 170.1% in the first 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 in the last quarter. US Bancorp DE purchased a new stake in shares of IREN in the first quarter valued at approximately $69,000. Finally, Wellington Management Group LLP increased its position in shares of IREN by 11.7% in the first 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 in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IREN. Zacks Research cut IREN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. Jones Trading cut IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Arete began coverage on IREN in a research report on Wednesday, September 24th. They issued a “buy” rating and a $78.00 price objective for the company. Canaccord Genuity Group boosted their price objective on IREN from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Finally, Roth Capital set a $94.00 price objective on IREN and gave the company a “buy” rating in a research report on Monday. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.64.

IREN Stock Performance

Shares of NASDAQ:IREN opened at $67.75 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The business’s 50 day moving average price is $46.35 and its 200-day moving average price is $24.52. The firm has a market capitalization of $18.43 billion, a PE ratio of 114.83 and a beta of 4.21. IREN Limited has a 1 year low of $5.13 and a 1 year high of $75.73.

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

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total value of $33,130,000.00. Following the sale, the chief executive officer directly owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.02% of the stock is owned by corporate 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.