Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 20,590,000 shares, a growth of 28.9% from the January 15th total of 15,970,000 shares. Based on an average daily volume of 17,350,000 shares, the short-interest ratio is currently 1.2 days. Approximately 11.4% of the company’s stock are short sold.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after purchasing an additional 5,280,999 shares during the period. Invesco Ltd. boosted its position in Iris Energy by 22.5% in the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after buying an additional 424,403 shares during the last quarter. Regal Partners Ltd increased its holdings in Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after buying an additional 822,251 shares during the period. Van ECK Associates Corp raised its position in Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares during the last quarter. Finally, Discovery Capital Management LLC CT acquired a new stake in Iris Energy during the 4th quarter valued at approximately $11,544,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Performance

Shares of IREN traded down $0.07 during mid-day trading on Friday, hitting $13.01. 14,086,829 shares of the company traded hands, compared to its average volume of 16,815,508. The business has a 50 day moving average of $11.65 and a 200 day moving average of $9.99. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, equities analysts anticipate that Iris Energy will post 0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

IREN has been the subject of several research reports. BTIG Research started coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price target for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. HC Wainwright boosted their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday. Finally, B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.70.

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.