Iris Energy Limited (NASDAQ:IREN - Get Free Report) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 9,940,000 shares, a drop of 7.1% from the October 15th total of 10,700,000 shares. Approximately 5.8% of the shares of the stock are short sold. Based on an average daily volume of 14,840,000 shares, the days-to-cover ratio is currently 0.7 days.
Analyst Ratings Changes
A number of brokerages have recently commented on IREN. Needham & Company LLC assumed coverage on Iris Energy in a research report on Wednesday, September 4th. They set a "hold" rating for the company. B. Riley cut their price target on shares of Iris Energy from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, September 13th. Compass Point cut their price objective on Iris Energy from $18.50 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 30th. Roth Capital upgraded shares of Iris Energy to a "strong-buy" rating in a research note on Tuesday, October 1st. Finally, HC Wainwright reduced their target price on shares of Iris Energy from $15.00 to $13.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $15.44.
Read Our Latest Stock Analysis on IREN
Hedge Funds Weigh In On Iris Energy
A number of large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in shares of Iris Energy in the first quarter valued at about $893,000. Vident Advisory LLC increased its holdings in shares of Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company's stock worth $10,557,000 after purchasing an additional 717,843 shares during the period. K2 Principal Fund L.P. bought a new position in Iris Energy during the 1st quarter worth $675,000. PEAK6 Investments LLC acquired a new position in Iris Energy during the first quarter valued at approximately $133,000. Finally, Goldentree Asset Management LP bought a new position in shares of Iris Energy during the first quarter valued at $626,000. Institutional investors own 41.08% of the company's stock.
Iris Energy Stock Performance
Shares of NASDAQ IREN traded down $0.50 during mid-day trading on Monday, reaching $10.17. 9,811,948 shares of the company were exchanged, compared to its average volume of 13,262,242. Iris Energy has a twelve month low of $2.84 and a twelve month high of $15.75. The company's 50-day simple moving average is $8.96 and its 200-day simple moving average is $9.21.
About Iris Energy
(
Get Free Report)
Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.
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