Polymer Capital Management HK LTD Purchases 177,328 Shares of Iris Energy Limited (NASDAQ:IREN)

Polymer Capital Management HK LTD grew its position in Iris Energy Limited (NASDAQ:IREN) by 147.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 297,328 shares of the company’s stock after buying an additional 177,328 shares during the period. Polymer Capital Management HK LTD owned approximately 0.16% of Iris Energy worth $2,920,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IREN. Stonebridge Financial Group LLC purchased a new position in Iris Energy in the 4th quarter worth approximately $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter worth $30,000. R Squared Ltd purchased a new position in shares of Iris Energy in the fourth quarter worth $37,000. Farther Finance Advisors LLC bought a new position in shares of Iris Energy during the fourth quarter valued at $98,000. Finally, World Equity Group Inc. purchased a new stake in shares of Iris Energy during the fourth quarter valued at $98,000. Institutional investors own 41.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on IREN shares. HC Wainwright boosted their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and decreased their price objective for the company from $15.00 to $12.00 in a report on Thursday, March 13th. B. Riley raised their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Finally, BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Price Performance

Shares of IREN stock opened at $5.94 on Friday. Iris Energy Limited has a 1 year low of $4.15 and a 1 year high of $15.92. The firm has a fifty day moving average price of $9.04 and a 200-day moving average price of $10.05.

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

Iris Energy Profile

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