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

Iris Energy Limited (NASDAQ:IREN) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 14,410,000 shares, a growth of 40.9% from the November 30th total of 10,230,000 shares. Based on an average daily volume of 17,540,000 shares, the short-interest ratio is presently 0.8 days. Currently, 8.0% of the shares of the company are sold short.

Institutional Investors Weigh In On Iris Energy

Large investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Iris Energy by 1,521.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after acquiring an additional 176,451 shares during the period. MKP Capital Management L.L.C. bought a new stake in Iris Energy during the second quarter worth $3,139,000. X Square Capital LLC acquired a new stake in shares of Iris Energy in the 2nd quarter valued at $508,000. VitalStone Financial LLC increased its stake in shares of Iris Energy by 467.1% in the 2nd quarter. VitalStone Financial LLC now owns 79,285 shares of the company’s stock valued at $895,000 after purchasing an additional 65,305 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy during the second quarter worth about $779,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Stock Performance

Shares of NASDAQ:IREN traded down $0.77 during trading on Monday, reaching $9.94. 11,249,483 shares of the company traded hands, compared to its average volume of 13,736,256. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.92. The company’s 50 day moving average is $11.41 and its two-hundred day moving average is $10.24.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IREN shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 target price (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Macquarie raised their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. B. Riley boosted their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. HC Wainwright increased their price target on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Iris Energy has an average rating of “Moderate Buy” and an average price target of $19.50.

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.