Drive Wealth Management LLC Acquires New Stake in Iris Energy Limited (NASDAQ:IREN)

Drive Wealth Management LLC bought a new position in Iris Energy Limited (NASDAQ:IREN) in the third quarter, HoldingsChannel.com reports. The firm bought 37,497 shares of the company’s stock, valued at approximately $316,000.

A number of other large investors have also recently added to or reduced their stakes in IREN. D1 Capital Partners L.P. bought a new position in shares of Iris Energy during the second quarter worth about $17,319,000. Hood River Capital Management LLC bought a new position in shares of Iris Energy during the 2nd quarter worth approximately $13,618,000. Marshall Wace LLP raised its holdings in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Iris Energy in the second quarter worth $9,969,000. Finally, Vident Advisory LLC boosted its holdings in 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 last quarter. Institutional investors own 41.08% of the company’s stock.

Iris Energy Trading Down 3.9 %

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

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. HC Wainwright reduced their price target on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Compass Point lowered their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Finally, B. Riley cut their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $15.44.

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.