Iris Energy Limited (NASDAQ:IREN) Sees Large Growth in Short Interest

Iris Energy Limited (NASDAQ:IREN - Get Free Report) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 14,410,000 shares, an increase of 40.9% from the November 30th total of 10,230,000 shares. Based on an average daily trading volume, of 17,540,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 8.0% of the company's stock are short sold.

Analyst Ratings Changes

A number of analysts recently issued reports on IREN shares. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a "buy" rating and a $14.00 target price for the company. Cantor Fitzgerald increased their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 27th. Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a research note on Wednesday, November 27th. Finally, Macquarie upped their price objective 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 company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $19.50.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. Marshall Wace LLP increased its holdings in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company's stock worth $43,035,000 after acquiring an additional 958,494 shares during the period. Van ECK Associates Corp grew its position in Iris Energy by 56.1% in the 3rd 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. acquired a new stake in shares of Iris Energy in the second quarter valued at approximately $17,319,000. Hood River Capital Management LLC bought a new stake in shares of Iris Energy during the second quarter valued at approximately $13,618,000. Finally, Bank of Montreal Can acquired a new position in shares of Iris Energy during the second quarter worth approximately $9,969,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Trading Down 7.2 %

Shares of NASDAQ IREN traded down $0.77 during mid-day trading on Monday, hitting $9.94. The company had a trading volume of 11,416,595 shares, compared to its average volume of 13,736,896. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.92. The firm's 50 day simple moving average is $11.41 and its two-hundred day simple moving average is $10.24.

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.