Iris Energy Limited (NASDAQ:IREN) Short Interest Up 15.1% in October

Iris Energy Limited (NASDAQ:IREN) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 10,700,000 shares, an increase of 15.1% from the September 30th total of 9,300,000 shares. Based on an average daily trading volume, of 14,130,000 shares, the short-interest ratio is presently 0.8 days. Approximately 6.2% of the shares of the company are short sold.

Iris Energy Stock Down 7.2 %

Iris Energy stock traded down $0.74 during trading hours on Thursday, hitting $9.58. 4,044,446 shares of the company traded hands, compared to its average volume of 12,923,612. The firm’s 50-day simple moving average is $8.23 and its two-hundred day simple moving average is $8.69. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. VitalStone Financial LLC lifted its stake in Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after purchasing an additional 11,030 shares during the last quarter. AFG Fiduciary Services Limited Partnership acquired a new stake in shares of Iris Energy during the third quarter worth $77,000. Sippican Capital Advisors purchased a new stake in shares of Iris Energy during the third quarter valued at $94,000. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy in the 2nd quarter valued at $113,000. Finally, PEAK6 Investments LLC purchased a new position in Iris Energy in the 1st quarter worth about $133,000. Institutional investors own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on IREN. JPMorgan Chase & Co. decreased their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 target price on shares of Iris Energy in a report on Wednesday. Finally, Needham & Company LLC assumed coverage on Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. One research 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.com, the company currently has a consensus rating of “Buy” and a consensus target price of $15.44.

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.