Wellington Management Group LLP Cuts Holdings in Iris Energy Limited (NASDAQ:IREN)

Wellington Management Group LLP trimmed its holdings in shares of Iris Energy Limited (NASDAQ:IREN) by 67.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,825 shares of the company’s stock after selling 24,826 shares during the period. Wellington Management Group LLP’s holdings in Iris Energy were worth $116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new position in shares of Iris Energy in the 4th quarter worth $29,000. HM Payson & Co. purchased a new position in shares of Iris Energy in the 4th quarter worth $30,000. Main Management LLC purchased a new position in shares of Iris Energy in the 4th quarter worth $49,000. Continuum Advisory LLC boosted its stake in shares of Iris Energy by 11.3% in the 4th quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock worth $557,000 after buying an additional 5,772 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its stake in shares of Iris Energy by 13.4% in the 4th quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock worth $549,000 after buying an additional 6,601 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IREN has been the topic of a number of research reports. B. Riley raised their price target on Iris Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a research report on Thursday, February 13th. HC Wainwright lowered their target price on Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Canaccord Genuity Group reiterated a “buy” rating and set a $23.00 target price on shares of Iris Energy in a research report on Friday, May 16th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and an average price target of $20.30.

Iris Energy Stock Performance

Shares of Iris Energy stock opened at $9.75 on Monday. The stock’s 50-day simple moving average is $7.11 and its 200-day simple moving average is $9.36. Iris Energy Limited has a 52 week low of $5.13 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. The business had revenue of $148.10 million during the quarter, compared to analysts’ expectations of $153.38 million. Research analysts predict that Iris Energy Limited 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.