Meridian Wealth Management LLC Makes New Investment in IREN Limited $IREN

Meridian Wealth Management LLC acquired a new stake in shares of IREN Limited (NASDAQ:IREN) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 63,818 shares of the company’s stock, valued at approximately $2,995,000.

A number of other institutional investors also recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in IREN in the 3rd quarter valued at $25,000. SLT Holdings LLC boosted its holdings in IREN by 6.0% during the third quarter. SLT Holdings LLC now owns 10,600 shares of the company’s stock worth $497,000 after purchasing an additional 600 shares during the last quarter. Drive Wealth Management LLC grew its holdings in shares of IREN by 3.0% in the second quarter. Drive Wealth Management LLC now owns 40,924 shares of the company’s stock valued at $596,000 after acquiring an additional 1,179 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in IREN by 5.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,393 shares of the company’s stock valued at $1,051,000 after purchasing an additional 1,233 shares during the period. Finally, Vermillion Wealth Management Inc. bought a new position in IREN during the third quarter valued at about $74,000. 41.08% of the stock is owned by institutional investors and hedge funds.

IREN Price Performance

IREN stock opened at $53.74 on Monday. The stock has a market cap of $15.23 billion, a price-to-earnings ratio of 27.70 and a beta of 4.26. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $46.62 and a 200 day simple moving average of $41.75. IREN Limited has a 52 week low of $5.13 and a 52 week high of $76.87.

IREN (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.48). The company had revenue of $240.30 million during the quarter, compared to the consensus estimate of $244.60 million. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. On average, research analysts forecast that IREN Limited will post 0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on IREN shares. Compass Point reiterated a “buy” rating and issued a $105.00 price objective on shares of IREN in a research note on Friday, November 7th. B. Riley reaffirmed a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. HC Wainwright raised IREN from a “sell” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Tuesday, January 13th. The Goldman Sachs Group started coverage on shares of IREN in a report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price objective on the stock. Finally, Citizens Jmp began coverage on shares of IREN in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $80.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

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.