Y Intercept Hong Kong Ltd has made a significant investment in IREN Limited (NASDAQ:IREN), acquiring 471,970 shares valued at approximately $6.88 million during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). Following this transaction, Y Intercept holds about 0.25% of the company. This addition to their portfolio comes along with a noteworthy trend, as various institutional investors have been actively trading shares of IREN.
Situational Awareness LP has also recently entered the market, investing $20.5 million in IREN during the first quarter, while Allianz Asset Management GmbH added a new stake worth $10.74 million in the same period. Trexquant Investment LP saw a significant increase in its holdings, boosting its position by 158.6% to now own 1,038,220 shares valued at $6.32 million after acquiring an additional 636,767 shares. Additionally, Private Advisor Group LLC and Mizuho Markets Americas LLC reported remarkable increases in their positions, expanding by 4,075.5% and 1,832.5%, respectively. Currently, approximately 41.08% of IREN’s stock is held by hedge funds and institutional investors.
IREN’s stock performance has been notable, opening at $64.99 on Tuesday, following significant fluctuations throughout the year, with a 12-month low of $5.13 and a high of $74.15. The company reported earnings of $0.19 per share for the last quarter, surpassing the consensus estimate of $0.17 by $0.02. With a market capitalization of $17.68 billion and a P/E ratio of 110.15, IREN exhibits strong growth potential. The company also boasts a solid current ratio of 4.29 and a debt-to-equity ratio of 0.53, indicating healthy financial stability.
In leadership news, CEO Daniel John Roberts executed a notable sale of 1,000,000 shares on September 11th, valued at approximately $33.13 million. Post-transaction, he retains ownership of 13,989,696 shares, worth around $463.48 million, reflecting a 6.67% decrease in his ownership stake. Insider activity shows that company executives hold about 5.02% of the total shares, which contributes to investor confidence.
Recent analyst ratings for IREN have indicated a mixed outlook. Canaccord Genuity increased their price target to $42.00, maintaining a “buy” rating, while JPMorgan Chase & Co. adjusted their price objective upwards to $24.00 but maintained an “underweight” rating. Overall, IREN has garnered a “Moderate Buy” consensus rating from analysts, with an average price target of $54.45.
IREN Limited, formerly known as Iris Energy Limited, is at the forefront of the bitcoin mining industry, owning and operating data centers primarily in Australia. Investors continue to monitor IREN’s trajectory closely, as it navigates through market fluctuations and optimizes its strategic initiatives for sustained growth.