Iris Energy Limited (NASDAQ:IREN) Short Interest Down 5.4% in January

Iris Energy Limited (NASDAQ:IREN) was the recipient of a significant drop in short interest in January. As of January 15th, there was short interest totalling 13,630,000 shares, a drop of 5.4% from the December 31st total of 14,410,000 shares. Based on an average trading volume of 17,400,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 7.6% of the company’s stock are short sold.

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares in the last quarter. Rush Island Management LP purchased a new stake in shares of Iris Energy during the third quarter worth about $4,783,000. Paloma Partners Management Co bought a new stake in shares of Iris Energy during the third quarter valued at approximately $2,739,000. Geode Capital Management LLC lifted its holdings in shares of Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares in the last quarter. Finally, Calamos Advisors LLC bought a new position in shares of Iris Energy during the fourth quarter worth $1,899,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Macquarie raised their price target on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright upped their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. BTIG Research started coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Cantor Fitzgerald upped their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Performance

Shares of IREN traded up $0.46 during trading hours on Monday, hitting $10.68. The stock had a trading volume of 21,361,633 shares, compared to its average volume of 17,482,252. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.92. The stock has a fifty day moving average price of $11.79 and a 200 day moving average price of $9.86.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. As a group, sell-side analysts anticipate that Iris Energy will post 0.11 EPS for the current 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.