Short Interest in Iris Energy Limited (NASDAQ:IREN) Rises By 29.5%

Iris Energy Limited (NASDAQ:IREN) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 26,930,000 shares, an increase of 29.5% from the March 31st total of 20,800,000 shares. Currently, 12.8% of the shares of the stock are sold short. Based on an average trading volume of 15,330,000 shares, the short-interest ratio is presently 1.8 days.

Analyst Ratings Changes

IREN has been the subject of several recent analyst reports. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a report on Thursday, February 13th. Finally, HC Wainwright lifted their target price on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research 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 given a strong buy rating to the company. According to MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and a consensus price target of $20.40.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently modified their holdings of the business. Sippican Capital Advisors boosted its stake in Iris Energy by 15.1% during the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after buying an additional 1,680 shares during the period. Drive Wealth Management LLC boosted its position in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock worth $390,000 after purchasing an additional 2,193 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Iris Energy in the 4th quarter valued at approximately $29,000. HM Payson & Co. purchased a new stake in Iris Energy in the fourth quarter valued at approximately $30,000. Finally, TRU Independence Asset Management 2 LLC raised its position in Iris Energy by 22.1% in the first quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company’s stock valued at $123,000 after purchasing an additional 3,670 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Trading Up 2.5 %

NASDAQ IREN opened at $6.53 on Friday. Iris Energy has a 52 week low of $4.65 and a 52 week high of $15.92. The business’s fifty day simple moving average is $6.57 and its 200-day simple moving average is $9.68.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, sell-side analysts forecast that Iris Energy will post 0.43 EPS for the current fiscal year.

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.