Royal Bank of Canada Lowers Holdings in IREN Limited $IREN

Royal Bank of Canada decreased its position in shares of IREN Limited (NASDAQ:IREN) by 5.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 348,968 shares of the company’s stock after selling 21,794 shares during the quarter. Royal Bank of Canada’s holdings in IREN were worth $11,963,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. CENTRAL TRUST Co raised its holdings in shares of IREN by 19.8% in the first quarter. CENTRAL TRUST Co now owns 1,485 shares of the company’s stock valued at $51,000 after acquiring an additional 245 shares in the last quarter. Vermillion Wealth Management Inc. grew its holdings in IREN by 19.1% during the 1st quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company’s stock worth $70,000 after acquiring an additional 328 shares in the last quarter. Larson Financial Group LLC grew its holdings in IREN by 26.7% during the 3rd quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after acquiring an additional 335 shares in the last quarter. Hollencrest Capital Management increased its position in IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after purchasing an additional 350 shares during the period. Finally, Vise Technologies Inc. increased its position in IREN by 7.9% during the 4th quarter. Vise Technologies Inc. now owns 5,780 shares of the company’s stock valued at $218,000 after purchasing an additional 424 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Stock Up 8.7%

NASDAQ:IREN opened at $41.23 on Friday. IREN Limited has a fifty-two week low of $17.22 and a fifty-two week high of $76.87. The stock has a market capitalization of $14.73 billion, a P/E ratio of 85.90 and a beta of 4.29. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. The company’s 50-day simple moving average is $46.59 and its 200-day simple moving average is $46.74.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). The firm had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. On average, equities analysts anticipate that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

IREN has been the subject of several research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $79.00 price target on shares of IREN in a research report on Tuesday, July 21st. Needham & Company LLC reissued a “hold” rating on shares of IREN in a report on Tuesday, July 21st. Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. HC Wainwright upped their target price on IREN from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings downgraded IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.71.

About IREN

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.