Short Interest in Iris Energy Limited (NASDAQ:IREN) Decreases By 5.4%

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IREN shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Roth Mkm assumed coverage on Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, HC Wainwright lifted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and an average price target of $19.50.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently added to or reduced their stakes in IREN. Main Management ETF Advisors LLC bought a new stake in shares of Iris Energy in the 3rd quarter worth approximately $760,000. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares during the last quarter. Creative Planning increased its stake in Iris Energy by 71.2% in the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after acquiring an additional 190,300 shares during the period. Finally, Campbell Capital Management Inc. bought a new position in Iris Energy during the 3rd quarter valued at about $608,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Stock Up 4.7 %

Shares of NASDAQ IREN 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 stock has a fifty day moving average price of $11.74 and a 200 day moving average price of $10.02.

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.