Continuum Advisory LLC Reduces Position in IREN Limited $IREN

Continuum Advisory LLC lessened its holdings in shares of IREN Limited (NASDAQ:IREN) by 33.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,965 shares of the company’s stock after selling 14,830 shares during the quarter. Continuum Advisory LLC’s holdings in IREN were worth $1,027,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after purchasing an additional 936,333 shares during the period. StoneX Group Inc. bought a new position in IREN in the 2nd quarter worth approximately $158,000. NewEdge Advisors LLC boosted its holdings in IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after buying an additional 30,736 shares during the period. Sei Investments Co. purchased a new position in IREN in the 2nd quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp grew its stake in IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares in the last quarter. Institutional investors own 41.08% of the company’s stock.

IREN Trading Down 2.8%

Shares of IREN opened at $45.91 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. IREN Limited has a 1-year low of $13.99 and a 1-year high of $76.87. The company has a market capitalization of $16.41 billion, a P/E ratio of 95.65 and a beta of 4.22. The firm’s 50 day simple moving average is $55.19 and its 200 day simple moving average is $47.60.

IREN (NASDAQ:IREN) last released its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million during the quarter, compared to the consensus estimate of $219.69 million. Sell-side analysts forecast that IREN Limited will post -1.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IREN. B. Riley Financial boosted their target price on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Freedom Capital upgraded IREN to a “hold” rating in a research report on Wednesday, April 1st. The Goldman Sachs Group set a $50.00 price objective on IREN in a research note on Wednesday, May 27th. JPMorgan Chase & Co. increased their price objective on IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group started coverage on IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price for the company. Fourteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

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.