Shares in IREN Limited (IREN) climbed by roughly 10% to $43.67 per share on Wednesday after rivals CoreWeave (CRWV) and Nebius (NBIS) reported earnings beats in their latest quarterly results. Interestingly, banking giant Goldman Sachs (GS) also revealed a 9.4% passive stake in the Australian AI cloud firm on that day. The investment bank, as of June 30, held about 33.6 million ordinary shares in IREN. Goldman disclosed this in a U.S. securities filing signed on July 17.
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According to Goldman, nearly all (99.9%) of the shares come with shared (not sole) voting and dispositive power. Dispositive power refers to the ability to sell or transfer the shares.
Goldman’s revelation comes weeks after the Bank of America (BofA) (BAC) also disclosed a 5.8% passive stake in IREN. BofA bought about 21.03 million shares in the Sydney-based company. Investors are likely to interpret both moves as continued confidence in IREN.
For context, IREN is a neocloud company that provides AI cloud computing infrastructure to other companies to power their workloads. It rents out GPUs but also controls other areas of the supply chain. This includes power, cooling, and land assets.
IREN started out as a Bitcoin mining company. However, the firm is now winding down its digital asset operations.
Who Owns IREN Shares?
Public companies and individual investors remain the biggest holders of IREN shares. They currently own about 69% of the company’s shares, according to TipRanks’ IREN Ownership data.
Next in line are institutional investors at 16.94%. The category includes ETFs (9.21%), other institutional investors (4.12%), and mutual funds (3.60%).
Is IREN Stock a Good Buy?
On Wall Street, analysts’ consensus rating on IREN’s shares remains a Moderate Buy, suggesting caution. This rating is based on seven Buys and three Holds issued by 10 analysts over the past three months.
However, the average IREN price target of $77.89 implies about 78% upside in the months ahead (see IREN stock forecast here).
