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

Iris Energy Limited (NASDAQ:IREN) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 13,630,000 shares, a decline of 5.4% from the December 15th total of 14,410,000 shares. Approximately 7.6% of the shares of the company are short sold. Based on an average daily trading volume, of 17,400,000 shares, the days-to-cover ratio is currently 0.8 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IREN. Seven Eight Capital LP acquired a new position in Iris Energy during the 2nd quarter valued at about $146,000. Yarra Square Partners LP acquired a new position in Iris Energy during the 2nd quarter valued at about $1,490,000. D1 Capital Partners L.P. acquired a new position in Iris Energy during the 2nd quarter valued at about $17,319,000. Hood River Capital Management LLC acquired a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $13,618,000. Finally, Bank of Montreal Can acquired a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $9,969,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Stock Performance

Iris Energy stock opened at $11.99 on Friday. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.92. The company’s 50-day moving average is $11.74 and its two-hundred day moving average is $10.02.

Wall Street Analyst Weigh In

IREN has been the topic of several analyst reports. HC Wainwright boosted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Canaccord Genuity Group upped their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Roth Mkm began coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. Macquarie upped their target price on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and an average target price 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.