IREN Stock: Bank of America Lifts Stake by 58% โ Is it Time to Buy?
TLDR
- Bank of America raised its IREN stake by 58.4% in Q1, bringing its holding to 2.14 million shares worth ~$73.3 million
- IREN opened at $41.23, well below its 52-week high of $76.87, with a market cap of $14.73 billion
- The stock trades at a P/E of 85.9x, well above the software industry average of 32.5x
- IRENโs last quarter missed estimates, reporting a $0.25 loss per share against $144.79M revenue vs. the $219.69M consensus
- Analysts hold a โModerate Buyโ consensus with an average price target of $82.71
IREN stock has been drawing institutional attention even as its valuation raises eyebrows. Bank of America increased its position by 58.4% in Q1, now holding 2.14 million shares valued at around $73.3 million. That move came despite the stock sitting at $41.23 on Monday, less than half its 52-week high of $76.87.
It is not just Bank of America moving in. Situational Awareness LP grew its position by 34.5% in Q1, bringing its total to nearly 11.7 million shares worth over $401 million. BNP Paribas and Clear Street Group each opened new positions worth $158.6 million and $137 million respectively. Institutional investors now collectively own 41.08% of the company.
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