Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 6,910,000 shares, an increase of 5.2% from the July 31st total of 6,570,000 shares. Currently, 4.1% of the company’s stock are short sold. Based on an average daily volume of 17,040,000 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analyst Weigh In

Several analysts have issued reports on IREN shares. Cantor Fitzgerald cut their target price on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 29th. B. Riley dropped their price target on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $16.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Counterpoint Mutual Funds LLC bought a new position in Iris Energy during the fourth quarter worth about $84,000. Seven Eight Capital LP bought a new position in Iris Energy in the second quarter valued at approximately $146,000. Gordian Capital Singapore Pte Ltd bought a new position in Iris Energy in the second quarter valued at approximately $149,000. CCG Wealth Management LLC bought a new position in Iris Energy in the first quarter valued at approximately $72,000. Finally, VitalStone Financial LLC boosted its stake in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

Iris Energy Trading Down 7.2 %

NASDAQ IREN opened at $7.91 on Tuesday. The firm has a 50-day simple moving average of $10.08 and a 200 day simple moving average of $7.92. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75.

Iris Energy Company Profile

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