Pennant Investors LP Has $7.78 Million Stock Position in Iris Energy Limited (NASDAQ:IREN)

Pennant Investors LP lowered its stake in Iris Energy Limited (NASDAQ:IREN - Free Report) by 15.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 792,000 shares of the company's stock after selling 148,000 shares during the period. Iris Energy makes up about 2.2% of Pennant Investors LP's investment portfolio, making the stock its 13th largest holding. Pennant Investors LP owned approximately 0.42% of Iris Energy worth $7,777,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

IREN has been the subject of a number of research reports. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a "neutral" rating to an "overweight" rating and decreased their price target for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Canaccord Genuity Group lifted their target price on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC restated a "hold" rating on shares of Iris Energy in a report on Thursday, February 13th. One equities research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $20.40.

Iris Energy Stock Up 3.8 %

IREN traded up $0.24 on Friday, hitting $6.54. The company had a trading volume of 14,542,870 shares, compared to its average volume of 15,640,705. The company's fifty day moving average price is $7.04 and its 200 day moving average price is $9.73. 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 issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. Research analysts forecast that Iris Energy Limited will post 0.43 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.