Arrowstreet Capital Limited Partnership Increases Stock Position in Iris Energy Limited (NASDAQ:IREN)

Arrowstreet Capital Limited Partnership lifted its position in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) by 1,307.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,684,836 shares of the company's stock after buying an additional 5,280,999 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 3.03% of Iris Energy worth $55,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Sippican Capital Advisors lifted its position in Iris Energy by 15.1% in the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company's stock valued at $126,000 after buying an additional 1,680 shares during the last quarter. Drive Wealth Management LLC raised its stake in shares of Iris Energy by 5.8% in the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company's stock valued at $390,000 after acquiring an additional 2,193 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of Iris Energy in the 4th quarter worth approximately $29,000. HM Payson & Co. purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $30,000. Finally, R Squared Ltd purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

Analyst Ratings Changes

IREN has been the topic of a number of research reports. BTIG Research initiated 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. Canaccord Genuity Group increased their target price on Iris Energy from $17.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. HC Wainwright lifted their target price on Iris Energy from $16.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. B. Riley increased their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $20.40.

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Iris Energy Price Performance

Shares of IREN traded down $0.10 during midday trading on Friday, reaching $5.94. The stock had a trading volume of 20,338,199 shares, compared to its average volume of 15,298,927. The company's fifty day simple moving average is $9.04 and its two-hundred day simple moving average is $10.06. Iris Energy Limited has a 1-year low of $4.15 and a 1-year high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings results 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%. Equities analysts forecast that Iris Energy Limited will post 0.43 EPS for the current fiscal 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.