Short Interest in Iris Energy Limited (NASDAQ:IREN) Drops By 7.1%

Iris Energy Limited (NASDAQ:IREN) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 9,940,000 shares, a decline of 7.1% from the October 15th total of 10,700,000 shares. Currently, 5.8% of the shares of the stock are short sold. Based on an average daily volume of 14,840,000 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the third quarter valued at approximately $77,000. Covestor Ltd purchased a new stake in Iris Energy in the 3rd quarter valued at $87,000. Sippican Capital Advisors bought a new position in Iris Energy during the 3rd quarter valued at $94,000. Bluefin Capital Management LLC purchased a new position in Iris Energy during the 2nd quarter worth $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy in the 1st quarter worth $133,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Trading Down 3.9 %

Shares of NASDAQ IREN opened at $10.25 on Tuesday. The company has a 50-day moving average price of $9.02 and a 200-day moving average price of $9.25. Iris Energy has a 1 year low of $2.84 and a 1 year high of $15.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on IREN shares. Needham & Company LLC started coverage on shares of Iris Energy in a report on Wednesday, September 4th. They set a “hold” rating on the stock. Roth Mkm started coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. HC Wainwright reduced their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iris Energy has an average rating of “Buy” and a consensus price target of $15.44.

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.