Discovery Capital Management LLC CT Makes New Investment in Iris Energy Limited (NASDAQ:IREN)

Discovery Capital Management LLC CT bought a new stake in Iris Energy Limited (NASDAQ:IREN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,175,600 shares of the company's stock, valued at approximately $11,544,000. Discovery Capital Management LLC CT owned about 0.63% of Iris Energy at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its holdings in Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock valued at $55,825,000 after acquiring an additional 5,280,999 shares during the last quarter. Rush Island Management LP acquired a new position in Iris Energy in the third quarter valued at about $4,783,000. Charles Schwab Investment Management Inc. boosted its stake in Iris Energy by 96.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 710,890 shares of the company's stock worth $6,981,000 after buying an additional 348,864 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Iris Energy during the third quarter valued at about $2,739,000. Finally, Geode Capital Management LLC raised its stake in shares of Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company's stock valued at $6,204,000 after acquiring an additional 264,883 shares during the period. Hedge funds and other institutional investors own 41.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IREN shares. Needham & Company LLC restated a "hold" rating on shares of Iris Energy in a report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and dropped their price objective for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. BTIG Research began coverage on Iris Energy in a research note on Friday, December 20th. They set a "buy" rating and a $33.00 price target on the stock. Finally, B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy presently has an average rating of "Buy" and a consensus price target of $20.40.

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Iris Energy Stock Down 1.7 %

NASDAQ IREN traded down $0.10 during trading hours on Friday, hitting $5.94. The company had a trading volume of 20,338,199 shares, compared to its average volume of 15,276,246. Iris Energy Limited has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The firm's 50 day moving average is $9.04 and its 200 day moving average is $10.03.

Iris Energy (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates 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%. Research analysts anticipate 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.