Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 9,940,000 shares, a decline of 7.1% from the October 15th total of 10,700,000 shares. Based on an average daily trading volume, of 14,840,000 shares, the short-interest ratio is presently 0.7 days. Currently, 5.8% of the shares of the company are short sold.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. D1 Capital Partners L.P. acquired a new position in shares of Iris Energy in the 2nd quarter valued at approximately $17,319,000. Hood River Capital Management LLC acquired a new position in shares of Iris Energy in the 2nd quarter valued at approximately $13,618,000. Marshall Wace LLP raised its position 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 valued at $43,035,000 after buying an additional 958,494 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Iris Energy in the 2nd quarter valued at approximately $9,969,000. Finally, Vident Advisory LLC raised its position in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $10.25 on Tuesday. The firm has a 50 day moving average of $9.02 and a 200-day moving average of $9.25. Iris Energy has a 12 month low of $2.84 and a 12 month high of $15.75.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. 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 report on Thursday, August 29th. Needham & Company LLC assumed coverage on shares of Iris Energy in a report on Wednesday, September 4th. They set a “hold” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 target price on shares of Iris Energy in a report on Wednesday, October 30th. B. Riley reduced their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $15.44.

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.