Iris Energy Limited (NASDAQ:IREN) Short Interest Up 28.9% in January

Iris Energy Limited (NASDAQ:IREN) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 20,590,000 shares, an increase of 28.9% from the January 15th total of 15,970,000 shares. Based on an average daily trading volume, of 17,350,000 shares, the short-interest ratio is presently 1.2 days. Currently, 11.4% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. AQR Arbitrage LLC purchased a new position in Iris Energy during the 4th quarter valued at $987,000. Appian Way Asset Management LP purchased a new stake in shares of Iris Energy during the fourth quarter valued at $859,000. Regal Partners Ltd grew its holdings in shares of Iris Energy by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after purchasing an additional 822,251 shares during the last quarter. Soros Fund Management LLC purchased a new position in Iris Energy in the 4th quarter worth about $2,278,000. Finally, Paloma Partners Management Co lifted its holdings in Iris Energy by 67.5% during the 4th quarter. Paloma Partners Management Co now owns 543,440 shares of the company’s stock valued at $5,337,000 after buying an additional 218,940 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Performance

Shares of NASDAQ IREN traded down $0.07 during trading hours on Friday, hitting $13.01. 14,086,829 shares of the company traded hands, compared to its average volume of 16,815,508. The company’s 50 day moving average price is $11.65 and its 200 day moving average price is $9.99. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Sell-side analysts predict that Iris Energy will post 0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

IREN has been the subject of a number of research reports. HC Wainwright upped their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a research report on Thursday. Macquarie raised their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, B. Riley lifted their price objective on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.70.

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.