TTRF Capital Ltd Buys New Position in IREN Limited $IREN

TTRF Capital Ltd purchased a new position in shares of IREN Limited (NASDAQ:IREN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 66,817 shares of the company’s stock, valued at approximately $3,056,000. IREN accounts for approximately 2.0% of TTRF Capital Ltd’s holdings, making the stock its 8th largest holding.

Several other institutional investors also recently added to or reduced their stakes in IREN. Situational Awareness LP grew its position in shares of IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock worth $401,036,000 after acquiring an additional 2,998,214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of IREN during the first quarter worth about $20,878,000. Triglav Investments D.O.O. acquired a new position in IREN in the 1st quarter valued at about $871,000. Oppenheimer & Co. Inc. increased its position in IREN by 257.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,958 shares of the company’s stock valued at $1,018,000 after acquiring an additional 19,423 shares during the period. Finally, Sanctuary Advisors LLC raised its stake in IREN by 282.2% during the 4th quarter. Sanctuary Advisors LLC now owns 46,224 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,129 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: AI Cloud capabilities expanded: Mirantis adds software for AI workload orchestration, monitoring, deployment and customer support. Combining those tools with IREN’s data centers and compute infrastructure could improve its ability to serve hyperscalers, enterprises and AI developers. IREN closes $625 million Mirantis acquisition to add AI cloud software
• Positive Sentiment: Broader customer reach: Mirantis has served more than 1,500 enterprise customers and brings the open-source k0rdent AI platform, as well as NVIDIA-related software expertise. IREN said the combination has already supported several announced and prospective AI Cloud contracts. IREN Completes Acquisition of Mirantis to Expand AI Cloud Platform
• Positive Sentiment: Vertical integration strengthens the growth narrative: Management believes owning the infrastructure, compute and software stack will give customers more flexibility and control while helping IREN compete in managed AI cloud services. The news follows recently highlighted Microsoft and NVIDIA contracts covering much of IREN’s targeted AI Cloud revenue. IREN Stock Gains After Completing Mirantis Acquisition
• Neutral Sentiment: Transaction structure: Reports describe the acquisition as a roughly $625 million all-stock deal, while IREN’s release specifies approximately 12.6 million shares issued plus about $40 million in cash, restricted stock units and other consideration at closing. Mirantis will continue operating as a standalone subsidiary. IREN Completes Acquisition of Mirantis
• Negative Sentiment: Dilution and execution risks remain: Issuing approximately 12.6 million shares dilutes existing shareholders. Investors must also assess whether IREN can integrate Mirantis, convert its customer base into profitable growth and achieve the projected acquisition benefits. IREN’s elevated valuation and history of substantial volatility increase the risk if AI Cloud expansion falls short of expectations.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Freedom Capital raised IREN from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Cantor Fitzgerald boosted their target price on IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Jefferies Financial Group began coverage on IREN in a research note on Thursday, June 18th. They set a “buy” rating and a $79.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $79.00 price target on shares of IREN in a report on Tuesday, July 21st. Finally, Compass Point reiterated a “buy” rating on shares of IREN in a research report on Tuesday, July 21st. 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.71.

IREN Trading Up 2.8%

Shares of IREN stock opened at $40.85 on Wednesday. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of 85.10 and a beta of 4.29. IREN Limited has a 52-week low of $15.91 and a 52-week high of $76.87. The company’s 50-day simple moving average is $48.14 and its 200-day simple moving average is $47.01. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

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

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.