Drive Wealth Management LLC significantly reduced its investment in IREN Limited (NASDAQ:IREN) during the third quarter of 2023, decreasing its stake by 79.2%. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns 8,500 shares after selling 32,424 shares during the period. The value of Drive Wealth Management’s holdings in IREN was approximately $399,000 at the end of the quarter.
This adjustment in ownership comes amidst a wave of changes among large investors in IREN. Global Retirement Partners LLC entered a new position valued at $25,000 in the third quarter, while Advisors Asset Management Inc. increased its stake by 68.4% during the second quarter, bringing its total to 4,528 shares worth about $66,000. Vermillion Wealth Management Inc. also made a new investment in IREN during the third quarter, valued at roughly $74,000. Other notable investors include SLT Holdings LLC and Foundations Investment Advisors LLC, both of which acquired positions worth around $146,000 in the second quarter. Overall, institutional investors and hedge funds hold approximately 41.08% of IREN’s stock.
IREN Limited’s Stock Performance and Recent Earnings
On November 6, 2023, IREN Limited reported its quarterly earnings, revealing a loss of $0.34 per share, which fell short of analysts’ expectations by $0.48. The company reported a net margin of 86.96% alongside a negative return on equity of 3.60%. Revenue for the quarter reached $240.3 million, slightly below the anticipated $244.6 million, but representing a year-over-year increase of 28.3%. Analysts forecast that IREN Limited will post an earnings per share of $0.43 for the current year.
The company’s stock opened at $56.68 on Friday, with a market capitalization of $16.07 billion. IREN’s shares have experienced significant volatility, with a one-year low of $5.13 and a high of $76.87. The stock’s performance metrics include a price-to-earnings ratio of 29.22 and a beta of 4.25, indicating high volatility.
Analyst Ratings and Market Sentiment
Recent reports from equity research analysts reflect a range of sentiments regarding IREN’s stock. Wall Street Zen upgraded shares from a “sell” to a “hold” rating, while Macquarie increased its price target to $86.00, assigning an “outperform” rating. Roth Mkm set a target price of $94.00 and recommended a “buy” rating. UBS Group reaffirmed a “buy” rating, and BTIG Research raised its price objective from $32.00 to $75.00.
Thirteen analysts currently rate IREN with a “buy” recommendation, while five have given it a “hold” rating and one has assigned a “sell” rating. The stock holds an average rating of “Moderate Buy” with a target price of $69.36, according to MarketBeat.
Positive market sentiment surrounding IREN includes technical momentum following a recent pullback. Analysts indicate that IREN is forming a bullish continuation pattern, suggesting potential for further upside. Additionally, the company’s strategic shift towards Microsoft’s AI cloud is being viewed as a significant factor that could enhance revenue growth and improve margins.
As IREN prepares to announce its Q2 FY26 results on February 5, 2026, investors are keenly anticipating insights into revenue mix and margin details. This upcoming release could either reinforce the stock’s recent momentum or lead to a recalibration of investor expectations.
IREN Limited, previously known as Iris Energy Limited, operates bitcoin mining data centers and is headquartered in Sydney, Australia. The company’s ongoing developments are likely to attract continued attention from both investors and analysts alike.
