Saba Capital Management L.P. Trims Stake in IREN Limited $IREN

Saba Capital Management L.P. trimmed its holdings in IREN Limited (NASDAQ:IREN) by 21.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 55,000 shares of the company’s stock after selling 15,000 shares during the period. Saba Capital Management L.P.’s holdings in IREN were worth $1,885,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC increased its holdings in IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares during the period. North Star Investment Management Corp. acquired a new position in shares of IREN during the fourth quarter worth $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the fourth quarter worth about $27,000. Motco purchased a new stake in IREN during the 4th quarter worth approximately $30,000. Finally, Purpose Unlimited Inc. acquired a new position in shares of IREN in the 4th quarter valued at $34,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

IREN Price Performance

IREN stock opened at $36.29 on Tuesday. The stock has a market capitalization of $12.97 billion, a P/E ratio of 75.60 and a beta of 4.27. The company’s fifty day moving average price is $50.40 and its 200 day moving average price is $47.53. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72. IREN Limited has a 1 year low of $14.72 and a 1 year high of $76.87.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to analyst estimates of $219.69 million. IREN had a negative return on equity of 13.13% and a net margin of 20.90%. As a group, equities research analysts anticipate that IREN Limited will post -1.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on IREN shares. Cantor Fitzgerald upped their target price on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 7th. Compass Point reiterated a “buy” rating on shares of IREN in a research note on Tuesday, July 21st. B. Riley Financial raised their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.