Iris Energy Limited (NASDAQ:IREN) Sees Significant Decrease in Short Interest

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

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP boosted its stake in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company's stock valued at $43,035,000 after buying an additional 958,494 shares during the period. Van ECK Associates Corp grew 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 during the last quarter. D1 Capital Partners L.P. bought a new position in shares of Iris Energy during the second quarter worth about $17,319,000. Hood River Capital Management LLC acquired a new position in shares of Iris Energy in the second quarter worth approximately $13,618,000. Finally, Bank of Montreal Can bought a new stake in Iris Energy in the second quarter valued at approximately $9,969,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Iris Energy Stock Up 4.7 %

IREN traded up $0.54 on Friday, reaching $11.99. The company had a trading volume of 17,056,641 shares, compared to its average volume of 11,035,490. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.92. The company's fifty day moving average is $11.74 and its 200 day moving average is $10.02.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Roth Capital upgraded shares of Iris Energy to a "strong-buy" rating in a report on Tuesday, October 1st. Roth Mkm initiated coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They issued a "buy" rating and a $14.00 price objective for the company. BTIG Research initiated coverage on shares of Iris Energy in a research note on Friday, December 20th. They issued a "buy" rating and a $33.00 price objective for the company. Canaccord Genuity Group lifted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Finally, Macquarie boosted their price target on Iris Energy from $13.50 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Iris Energy presently has an average rating of "Moderate Buy" and a consensus price target of $19.50.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.