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

Iris Energy Limited (NASDAQ:IREN) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 10,700,000 shares, an increase of 15.1% from the September 30th total of 9,300,000 shares. Approximately 6.2% of the company’s stock are sold short. Based on an average trading volume of 14,130,000 shares, the short-interest ratio is currently 0.8 days.

Hedge Funds Weigh In On Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new stake in Iris Energy during the 1st quarter worth about $893,000. Central Asset Investments & Management Holdings HK Ltd bought a new position in Iris Energy in the 2nd quarter worth approximately $779,000. Vontobel Holding Ltd. lifted its holdings in Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Iris Energy in the 1st quarter valued at $446,000. Finally, Van ECK Associates Corp lifted its stake in shares of Iris Energy by 23.7% during the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares during the period. Institutional investors own 41.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on IREN. HC Wainwright lowered their price target on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a research note on Wednesday. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Finally, B. Riley decreased their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Down 7.2 %

IREN traded down $0.74 during trading on Thursday, reaching $9.58. 4,044,446 shares of the company’s stock were exchanged, compared to its average volume of 12,923,612. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $15.75. The business has a 50 day moving average price of $8.23 and a 200 day moving average price of $8.69.

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.