Dilation Capital Management LP Invests $1.90 Million in Iris Energy Limited (NASDAQ:IREN)

Dilation Capital Management LP bought a new position in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 192,970 shares of the company's stock, valued at approximately $1,895,000. Iris Energy makes up 1.8% of Dilation Capital Management LP's holdings, making the stock its 18th biggest holding. Dilation Capital Management LP owned 0.10% of Iris Energy at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in Iris Energy in the fourth quarter valued at $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter worth about $30,000. R Squared Ltd acquired a new stake in shares of Iris Energy during the 4th quarter worth about $37,000. Tower Research Capital LLC TRC lifted its holdings in Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after purchasing an additional 7,646 shares during the last quarter. Finally, World Equity Group Inc. acquired a new position in Iris Energy in the fourth quarter valued at about $98,000. Institutional investors own 41.08% of the company's stock.

Iris Energy Price Performance

IREN stock traded up $0.24 during midday trading on Friday, reaching $6.54. The company's stock had a trading volume of 14,542,870 shares, compared to its average volume of 15,640,721. The business's 50-day simple moving average is $7.04 and its 200-day simple moving average is $9.73. Iris Energy Limited has a 52 week low of $4.15 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping 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%. As a group, analysts forecast that Iris Energy Limited will post 0.43 EPS for the current year.

Analysts Set New Price Targets

IREN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upgraded shares of Iris Energy from a "neutral" rating to an "overweight" rating and cut their target price for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. HC Wainwright increased their target price on Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy currently has a consensus rating of "Buy" and an average price target of $20.40.

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.