Corsair Capital Management L.P. has increased its stake in IREN Limited (NASDAQ: IREN) by 13.3% during the second quarter of 2023, according to a report by HoldingsChannel. The firm now holds a total of 127,604 shares after acquiring an additional 15,000 shares in this period. This investment represents approximately 0.4% of Corsair’s total portfolio, making IREN its 25th largest holding, valued at about $1,859,000 as of the end of June.
Several other institutional investors have also recently adjusted their positions in IREN. Notably, Y Intercept Hong Kong Ltd purchased a new stake valued at $6,877,000 during the same quarter. Additionally, Aurelius Capital Management LP entered the market with a stake worth around $311,000. X Square Capital LLC significantly increased its investment in IREN by 129.9%, now owning 435,951 shares valued at approximately $6,352,000 after acquiring an additional 246,333 shares. Other entities, such as Balefire LLC and Hartline Investment Corp, also bought new stakes, with the former’s investment amounting to about $1,214,000 and the latter at around $228,000. Institutional investors collectively own 41.08% of IREN’s stock.
Insider Transactions and Market Performance
In a significant insider transaction, CEO Daniel John Roberts sold 1,000,000 shares of IREN on September 11, 2023. The shares were sold at an average price of $33.13, resulting in a total value of $33,130,000. Following this sale, Roberts retains 13,989,696 shares, valued at approximately $463,478,628.48, indicating a 6.67% decrease in his ownership of the company. The transaction was duly reported in a filing with the Securities and Exchange Commission (SEC).
IRN Limited’s performance has also drawn attention. The company released its quarterly earnings report on August 28, 2023, revealing an earnings per share (EPS) of $0.19, exceeding analyst expectations of $0.17. Revenue for the quarter reached $187.30 million, slightly below estimates of $187.51 million. Despite this, the company reported a negative return on equity of 3.60% and a net margin of 86.96%. Analysts predict an EPS of $0.43 for the current fiscal year.
Analyst Ratings and Future Outlook
Recent commentary from equity research analysts has resulted in fluctuating ratings for IREN. Zacks Research downgraded the stock from a “hold” to a “strong sell” rating on October 28, 2023. Conversely, Arete initiated coverage with a “buy” rating and set a price target of $78.00. Citigroup and UBS Group have also issued positive ratings, with Citigroup designating IREN as “outperform.” JMP Securities has established a price target of $80.00.
Overall, thirteen analysts currently rate IREN with a “buy,” while three maintain a “hold” rating, and three suggest a “sell.” As per MarketBeat.com, the consensus rating for IREN is classified as a “Moderate Buy,” with an average target price of $70.43.
Founded in 2018, IREN Limited, formerly known as Iris Energy Limited, operates bitcoin mining data centers and is headquartered in Sydney, Australia. The firm continues to attract attention from investors and analysts alike as it navigates the dynamic landscape of cryptocurrency mining.
