Drive Wealth Management LLC reported a 79.2% reduction in its holdings of IREN Limited during the third quarter, disposing of 32,424 shares and retaining a position of 8,500 shares valued at approximately $399,000 at period end. This sizeable divestiture marks one of the largest quarter-over-quarter decreases among institutional investors in IREN, signaling a reassessment of exposure to the bitcoin-mining-turned-AI-infrastructure operator. The move follows three consecutive quarters of accumulation by Drive Wealth, suggesting a strategic shift in portfolio allocation priorities.

Several investment firms initiated or expanded stakes in IREN during the same quarter. Global Retirement Partners LLC entered with a new position valued at roughly $25,000, while Vermillion Wealth Management Inc. established a stake around $74,000. Advisors Asset Management Inc. boosted its holding by 68.4%, acquiring 1,839 additional shares for a total investment of $66,000. SLT Holdings LLC and Foundations Investment Advisors LLC each initiated positions of about $146,000. Collectively, institutional ownership now represents 41.08% of IREN’s outstanding shares, reflecting growing interest from diversified asset managers.

IREN reported third-quarter revenue of $240.3 million, up 28.3% year-over-year but narrowly missing consensus estimates of $244.6 million. The company recorded a negative EPS of $0.34, compared with analysts’ forecast of a $0.14 profit, driven by elevated energy costs and deferred capacity ramp-up at its Sweetwater development sites. The firm’s net margin stood at 86.96%, supported by strong gross margins in legacy mining operations, while return on equity slipped to negative 3.60%. At quarter end, IREN held a cash balance sufficient to fund its 3 gigawatt project pipeline through mid-2027, with debt-to-equity at a conservative 0.34 and current and quick ratios both at 5.52.

Thirteen analysts maintain a Buy rating on IREN shares, five recommend Hold and one suggests Sell, yielding an average consensus of Moderate Buy. Price targets cluster around a mean of $69.36, indicating potential upside relative to current levels. Macquarie recently upgraded to Outperform with an $86 objective, while Roth MKM and UBS Group reaffirm Buy ratings with targets of $94 and an undisclosed price respectively. Research notes highlight IREN’s strategic pivot to AI infrastructure—particularly its 1.4 gigawatt Sweetwater 1 facility due online next quarter—as a key catalyst. Investors will monitor the company’s February earnings conference call for updated guidance on capacity utilization, energy procurement costs and margin expansion plans.