Wealth Enhancement Advisory Services LLC Has $5.41 Million Position in IREN Limited $IREN

Wealth Enhancement Advisory Services LLC grew its position in shares of IREN Limited (NASDAQ:IREN) by 88.1% during the third quarter, HoldingsChannel.com reports. The firm owned 115,230 shares of the company’s stock after purchasing an additional 53,982 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in IREN were worth $5,408,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in IREN. Global Retirement Partners LLC acquired a new position in shares of IREN in the third quarter valued at approximately $25,000. Advisors Asset Management Inc. grew its holdings in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock worth $66,000 after acquiring an additional 1,839 shares during the last quarter. Vermillion Wealth Management Inc. acquired a new position in IREN in the 3rd quarter valued at approximately $74,000. SLT Holdings LLC acquired a new position in shares of IREN during the second quarter worth $146,000. Finally, Foundations Investment Advisors LLC bought a new stake in shares of IREN in the second quarter worth $146,000. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Performance

NASDAQ:IREN opened at $56.68 on Monday. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. IREN Limited has a twelve month low of $5.13 and a twelve month high of $76.87. The company has a fifty day moving average of $45.40 and a 200-day moving average of $40.31. The firm has a market capitalization of $16.07 billion, a P/E ratio of 29.22 and a beta of 4.25.

IREN (NASDAQ:IREN) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The company had revenue of $240.30 million during the quarter, compared to analyst estimates of $244.60 million. The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that IREN Limited will post 0.43 EPS for the current year.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent research reports. Compass Point reaffirmed a “buy” rating and set a $105.00 target price on shares of IREN in a report on Friday, November 7th. Canaccord Genuity Group raised their price objective on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. The Goldman Sachs Group began coverage on IREN in a research note on Thursday, December 18th. They issued a “neutral” rating and a $39.00 price objective on the stock. Citigroup started coverage on IREN in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Thirteen 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.36.

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.