Stonebridge Financial Group LLC Invests $29,000 in Iris Energy Limited (NASDAQ:IREN)

Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy Limited (NASDAQ:IREN) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,000 shares of the company’s stock, valued at approximately $29,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares in the last quarter. Rush Island Management LP bought a new stake in Iris Energy during the third quarter worth about $4,783,000. Paloma Partners Management Co bought a new stake in Iris Energy during the third quarter worth about $2,739,000. Geode Capital Management LLC grew its holdings in Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares during the period. Finally, Calamos Advisors LLC bought a new position in shares of Iris Energy during the fourth quarter valued at approximately $1,899,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Trading Down 0.5 %

Shares of IREN opened at $13.01 on Friday. Iris Energy Limited has a 1-year low of $4.15 and a 1-year high of $15.92. The firm has a fifty day simple moving average of $11.65 and a two-hundred day simple moving average of $9.99.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. As a group, analysts forecast that Iris Energy Limited will post 0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on IREN shares. B. Riley upped their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday. Finally, BTIG Research assumed coverage on shares of Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and a consensus target price 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.