Rush Island Management LP Invests $4.78 Million in Iris Energy Limited (NASDAQ:IREN)

Rush Island Management LP acquired a new stake in shares of Iris Energy Limited (NASDAQ:IREN) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 566,744 shares of the company’s stock, valued at approximately $4,783,000. Iris Energy makes up about 0.4% of Rush Island Management LP’s holdings, making the stock its 17th largest position.

A number of other hedge funds also recently made changes to their positions in IREN. AFG Fiduciary Services Limited Partnership purchased a new stake in Iris Energy in the 3rd quarter worth $77,000. Covestor Ltd bought a new position in shares of Iris Energy in the third quarter worth about $87,000. Sippican Capital Advisors purchased a new stake in shares of Iris Energy during the third quarter worth about $94,000. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy during the second quarter worth about $113,000. Finally, Seven Eight Capital LP bought a new stake in Iris Energy during the 2nd quarter valued at approximately $146,000. 41.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. HC Wainwright upped their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target on the stock. Macquarie boosted their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Cantor Fitzgerald raised their price objective on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. One investment 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $16.94.

Iris Energy Stock Performance

Iris Energy stock opened at $14.27 on Thursday. Iris Energy Limited has a twelve month low of $3.56 and a twelve month high of $15.75. The company’s 50-day moving average price is $9.91 and its 200-day moving average price is $9.76.

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.