Iris Energy Limited (NASDAQ:IREN) Shares Sold by Pennant Investors LP

Pennant Investors LP reduced its stake in shares of Iris Energy Limited (NASDAQ:IREN) by 15.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 792,000 shares of the company’s stock after selling 148,000 shares during the quarter. Iris Energy accounts for 2.2% of Pennant Investors LP’s holdings, making the stock its 13th largest position. Pennant Investors LP owned approximately 0.42% of Iris Energy worth $7,777,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of IREN. Sippican Capital Advisors grew its position in shares of Iris Energy by 15.1% during the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock valued at $126,000 after acquiring an additional 1,680 shares during the period. Drive Wealth Management LLC raised its holdings in Iris Energy by 5.8% in the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after acquiring an additional 2,193 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Iris Energy during the fourth quarter worth $29,000. HM Payson & Co. acquired a new position in Iris Energy in the 4th quarter valued at about $30,000. Finally, R Squared Ltd acquired a new stake in Iris Energy during the fourth quarter worth $37,000. 41.08% of the stock is owned by institutional investors and hedge funds.

Iris Energy Stock Performance

Shares of Iris Energy stock opened at $5.51 on Tuesday. Iris Energy Limited has a one year low of $4.15 and a one year high of $15.92. The firm has a fifty day moving average of $7.58 and a two-hundred day moving average of $9.81.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. On average, equities research analysts forecast that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IREN. HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $15.00 to $12.00 in a report on Thursday, March 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. Canaccord Genuity Group boosted their price target on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $20.40.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.